Key Highlights
- Ethereum classic price after a decline against Bitcoin attempted a recovery, but failed near 0.00205BTC.
- There is a new bearish trend line forming on the hourly chart of ETC/BTC (data feed via Simplefx), which is acting as a resistance.
- The price remains at a risk of more declines in the near term as long as it is below the 100 hourly simple moving average.
Ethereum classic price attempt to recover versus Bitcoin failed, as the price remained under a major resistance area of 0.00205BTC.
Ethereum Classic Price Decline
Ethereum classic price managed to correct a few points yesterday against Bitcoin after declining below 0.0020BTC. However, the upside was limited, as the broken support of 0.00205BTC now acted as a resistance. It prevented the upside move and pushed the price down. Moreover, the 23.6% Fib retracement level of the last leg from the 0.00226BTC high to 0.00198BTC low also acted as a barrier for buyers.
There is now a new bearish trend line forming on the hourly chart of ETC/BTC (data feed via Simplefx). It was also a reason why the ETC/BTC pair could not recover. Lastly, the 100 hourly simple moving average was also around the same trend line resistance. So, there is a crucial barrier for ETC buyers formed near 0.00205BTC. It won’t be easy for the buyers to clear the stated level, and the price may continue to decline.
On the downside, the recent low of 0.00198BTC can be seen as a support. If the ETC sellers manage to clear the stated level, a test of 0.00190BTC is possible. Overall, selling remains a preferred option in the near term.
Hourly MACD – The MACD is placed in the bearish zone with no sign of a recovery.
Hourly RSI – The RSI is below the 50 level, which is a bearish sign for the ETC.
Major Support Level – 0.00198BTC
Major Resistance Level – 0.00205BTC
Charts courtesy – SimpleFX
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