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Key Highlights
- Ethereum classic price remained in a downtrend against Bitcoin, and it looks like it may continue to move down.
- Yesterday’s highlighted crucial bearish trend line on the hourly chart of ETC/BTC (data feed via Simplefx) continued to act as a resistance area.
- The price traded below an important support area of 0.0030BTC, which is a bearish sign in the short term.
Ethereum classic price moved down against Bitcoin, and formed a new weekly low. ETC/BTC currently remains under selling pressure.
Ethereum Classic Price Decline
Ethereum classic price ETC continued to face sellers versus Bitcoin. My view of not buying ETC in the short term paid off. There was a decline noted during the past 24 hours, as the ETC/BTC pair moved below a major support area of 0.0030-33BTC. A new weekly low was formed at 0.00295BTC before the price started recovering.
Currently, the price is correcting higher, but facing resistance near the 23.6% Fib retracement level of the last drop from the 0.0046BTC high to 0.00295BTC low. However, the most important barrier for the buyers is around yesterday’s highlighted crucial bearish trend line on the hourly chart of ETC/BTC (data feed via Simplefx). As long as the price is below the trend line and resistance zone, it may continue to move down.
One other point to note is the broken support zone of 0.0030-33BTC. It may now act as a resistance and try to prevent a recovery. Only a break above the trend line would enable the bulls to take the price towards the 100 hourly simple moving average. A break below 0.00295BTC may take the price towards 0.00260BTC.
Hourly MACD – The MACD is in the bearish zone, signaling more losses ahead.
Hourly RSI – The RSI is below the 50 level, and struggling to break the neutral level. It means the bulls are facing a lot of resistance.
Major Support Level – 0.00295BTC
Major Resistance Level – 0.0033-35BTC
Charts courtesy – SimpleFX
