- Ethereum classic price continued to dive against Bitcoin and traded as low as 0.00258BTC.
- This week’s highlighted crucial bearish trend line on the hourly chart of ETC/BTC (data feed via Simplefx) is still in play and acting as a resistance.
- The price may correct a few pips lower in the short term, but remains in a downtrend.
Ethereum classic price struggle continued during the past 24 hours against Bitcoin. More losses ahead in the ETC/BTC pair?
Ethereum Classic Price Resistance
Ethereum classic price ETC remained under a lot of bearish pressure against Bitcoin, and there was no stopping the ETC sellers. There were continuous offers presented and as a result, there were declines in ETC/BTC. This week I highlighted a crucial bearish trend line on the hourly chart of ETC/BTC (data feed via Simplefx). It continued to act as a resistance and pushed the price down on many occasions.
As long as the price is below the highlighted trend line and resistance area, it may remain under selling pressure. If the price corrects higher, then the 23.6% Fib retracement level of the last drop from the 0.00398BTC high to 0.00258BTC low may act as an initial resistance.
However, as I said the trend line resistance holds a lot of importance, as it is also around the 38.2% Fib retracement level of the last drop from the 0.00398BTC high to 0.00258BTC. On the downside, my yesterday’s target was 0.0026BTC, which is achieved. Going forward, I think ETC may head further lower and may test the 0.0024BTC level in the near term. If you are looking to enter a buy trade, then be careful with selling pressure.
Hourly MACD – The MACD is placed strongly in the bearish zone, calling for more losses.
Hourly RSI – The RSI is around the oversold readings, which may ignite a minor correction.
Major Support Level – 0.00295BTC
Major Resistance Level – 0.0033-35BTC
Charts courtesy – SimpleFX