Key Highlights
- Ethereum classic price failed to hold gains versus Bitcoin and broke a major support area.
- Yesterday’s highlighted bullish trend line on the hourly chart of ETC/BTC (data feed via Simplefx) was broken during the recent losses.
- The price is now below a major support area of 0.00208BTC, which may now act as a resistance.
Ethereum classic price failed and traded lower against Bitcoin. ETC/BTC cleared all hurdles for a downside move, suggesting more losses.
Ethereum Classic Price Resistance
Ethereum classic price after a minor correction versus Bitcoin failed to hold gains and moved down. The downside move was crucial, as it broke a couple of important supports. First, the ETC/BTC pair broke the 38.2% Fib retracement level of the last leg from the 0.00198BTC low to 0.00214BTC high. Second, the price moved below the 100 hourly simple moving average.
Lastly, there was a close below yesterday’s highlighted bullish trend line on the hourly chart of ETC/BTC (data feed via Simplefx). So, we can see the recent break as crucial, which may ignite more losses. The recent downside found support near 0.00198BTC and the price is currently correcting. It is finding sellers near the 23.6% Fib retracement level of the last drop from the 0.00214BTC high to 0.00198BTC low.
However, the most important resistance lies near 0.00208BTC. It acted as a support earlier and now may prevent an upside move in the near term. I think as long as the price is below the 100 hourly simple moving average, it may continue to face sellers. The recent upside move in ETH/USD is also weighing on ETC price and putting a lot of pressure on the bulls.
Hourly MACD – The MACD is strongly placed in the bearish zone, which is a sign of more losses.
Hourly RSI – The RSI is well below the 50 level, which is a sign that buyers failed to hold the downside.
Major Support Level – 0.00198BTC
Major Resistance Level – 0.00208BTC
Charts courtesy – SimpleFX
