- Ethereum classic price extended its downside move against the Bitcoin, and may trade towards 0.00115BTC.
- Yesterday’s highlighted bearish trend line on the hourly chart of ETC/BTC (data feed via Simplefx) is still active on the upside to act as a resistance.
- If there is a minor rise in the short term, then the ETC sellers may appear on the upside.
Ethereum classic price is under renewed selling pressure, and it looks like it won’t be easy for the ETC buyers to attempt a correction.
Ethereum Classic Price Resistance
ETC price failed to gain any sort of bids against the Bitcoin, and declined. There was a failure near 0.00135BTC, which ignited a downside move. Yesterday, the price also moved below the 50% Fib retracement level of the last wave from the 0.00111BTC low to 0.00145BTC high, which resulted in more losses. The price has now broke the 0.00124BTC support area, and may extend the decline.
The price is currently testing the 76.4% Fib retracement level of the last wave from the 0.00111BTC low to 0.00145BTC high. So, there can be a minor rise, but it should be limited. On the upside, yesterday’s highlighted bearish trend line on the hourly chart of ETC/BTC (data feed via Simplefx) is in place. It may act as a major resistance and prevent any attempt of recovery in the short term. Moreover, the 100 hourly simple moving average is also on the upside to prevent any major upside move.
If the current bearish pressure remains intact, then there is a chance of ETC/BTC heading towards the 0.00115BTC level. If the downside extends, then there is even a chance of it testing the last swing low of 0.00111BTC.
Hourly MACD – The MACD is strongly placed in the bearish zone.
Hourly RSI – The RSI is around the oversold readings, calling for a minor correction.
Major Support Level – 0.00124BTC
Major Resistance Level – 0.00115BTC
Charts courtesy – SimpleFX