- Ethereum classic price managed to recover a few points against Bitcoin, but may fail to sustain gains.
- There is a support trend line formed on the hourly chart of ETC/BTC (data feed via Simplefx), which may be cleared by sellers moving ahead.
- A break below the trend line support may ignite a breakdown in ETC/BTC in the short term.
Ethereum classic price managed to correct higher recently, but remained below a major resistance area, which poses a risk of losses in ETC.
Ethereum Classic Price Support
Ethereum classic price ETC after trading as low as 0.0025BTC versus the BTC started correcting higher. The price managed to close back above the 0.0030BTC, but remained below a major resistance area of 0.0036BTC. There is a support trend line formed on the hourly chart of ETC/BTC (data feed via Simplefx), which is acting as a trend supporter in the short term.
However, looking at the hourly chart, it looks like the ETC bulls are struggling to keep the price above the trend line support. Currently, the ETC/BTC pair is trading near the 23.6% Fib retracement level of the last wave from the 0.0028BTC to 0.0034BTC. A break below the trend line support and the stated fib level may ignite a downside move.
The next support on the downside in that scenario may be around the 50% Fib retracement level of the last wave from the 0.0028BTC to 0.0034BTC. The 100 hourly simple moving average is also around the same level to act as a support area. However, if there is a break, then I think losses may extend beyond 0.0030BTC in the ETC/BTC pair moving ahead.
Hourly MACD – The MACD is currently in the bullish zone, but may change to the bearish zone.
Hourly RSI – The RSI is above the 50 level, but making an attempt to settle below it.
Major Support Level – 0.00320BTC
Major Resistance Level – 0.00360BTC
Charts courtesy – SimpleFX
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