- Ethereum classic price remained under heavy selling pressure and traded as low as 0.00106BTC.
- The 4-hours (data feed via Simplefx) of ETC/BTC clearly suggests a bearish trend with many resistances on the upside.
- The most important hurdle on the upside is near 0.00115BTC, followed by 0.00121BTC.
Ethereum classic price may continue to weaken, and the 4-hours chart of ETC/BTC points a break down if the bulls do not appear soon.
Ethereum Classic Price Decline
There was a minor recovery in ETC price against the Bitcoin yesterday, but the price could not retain the momentum. There was a move towards the 0.00114BTC where the sellers appeared and defended the upside move. The stated level also represented the 38.2% Fib retracement level of the last decline from the 0.00125BTC high to 0.00107BTC low.
So, we can call it as a completion of the correction pattern. There is another reason why 0.00114BTC was important. It was a crucial support zone earlier, and it is now acting as a barrier for more gains. It is like a support turning into a resistance. The price is trading lower, and also broke yesterday’s low of 0.00107BTC to form a new low of 0.00106BTC.
If the price corrects higher from the current levels, then an initial resistance is at 23.6% Fib retracement level of the last decline from the 0.00125BTC high to 0.00106BTC low. However, there are many resistances on the way up, and any major recovery is very unlikely looking at the 4-hours (data feed via Simplefx) of ETC/BTC. On the downside, I feel there is a chance that the price may test the all-important 0.00100BTC level in the short term.
Hourly MACD – The MACD is currently in the bearish zone, but may attempt to change the bias.
Hourly RSI – The RSI is currently below the 50 level, and struggling to head north.
Major Support Level – 0.00106BTC
Major Resistance Level – 0.00113BTC
Charts courtesy – SimpleFX