- Ethereum classic price after recovering towards 0.00308BTC against Bitcoin found sellers and moved down once again.
- There is a new connecting bearish trend line formed on the hourly chart of ETC/BTC (data feed via Simplefx), which is acting as a resistance.
- It looks like ETC is positioned for more losses in the near term as long as it is below 0.0030BTC.
Ethereum classic price is under a bearish pressure versus BTC, and it may continue to head lower in the near term.
Ethereum Classic Price Resistance
Ethereum classic price this past week managed to recover from the 0.0027BTC low and traded higher. However, the upside move in ETC/BTC was limited as it found resistance near 0.00300-308BTC. The price is currently moving down and finding bids near the 61.8% Fib retracement level of the last leg from the 0.00272BTC low to 0.00308BTC high.
On the upside, there is a new connecting bearish trend line formed on the hourly chart of ETC/BTC (data feed via Simplefx). It is acting as a resistance for ETC buyers at this moment, and preventing gains. The price has also moved below the 100 hourly simple moving average, which is a bearish sign. I think there is a chance of more declines in ETC moving ahead since it is below the 100 hourly SMA.
On the downside, the next support can be around the 76.4% Fib retracement level of the last leg from the 0.00272BTC low to 0.00308BTC high. A break below it might call for a full test of the last swing low of 0.00272BTC. In my view, the price is under pressure and may continue to decline in the short term.
Hourly MACD – The MACD is currently flat, and not showing any signs of a major move.
Hourly RSI – The RSI is below the 50 level, which is a bearish sign.
Major Support Level – 0.00272BTC
Major Resistance Level – 0.00300BTC
Charts courtesy – SimpleFX