Key Highlights
- Ethereum classic price failed to recover versus the Bitcoin, and declined below 0.00180BTC.
- Yesterday’s highlighted new small bearish trend line on the hourly chart of ETC/BTC (data feed via Simplefx) acted as a resistance and pushed the price down.
- The price looks under a lot of bearish pressure, and may decline further.
Ethereum classic price failed to recover and traded lower against the Bitcoin towards 0.00170BTC. More losses likely moving ahead.
Ethereum Classic Price New Low
Ethereum classic price faced offers lately, and finally showed swing moves against the Bitcoin. There was a downside move, as the ETC bulls failed to take the price higher. There was a minor upside move, but yesterday’s highlighted new small bearish trend line on the hourly chart of ETC/BTC (data feed via Simplefx) prevented gains. Moreover, the 23.6% Fib retracement level of the drop from the 0.00194BTC high to 0.00180BTC acted as a resistance.
The price moved down, and the most important point was the fact that there was a break below 0.00180BTC. So, it can ignite further declines in the near term. The price recently traded as low as 0.00174BTC, and looks set for a test of 0.00170BTC. If there is a correction, then the same trend line may act as a hurdle for the bulls. Moreover, the 23.6% Fib retracement level of the leg lower from the 0.00194BTC high to 0.00174BTC low may also act as a barrier.
It looks like there are enough reasons for the sellers to take the price further lower. Any recovery can be seen as a selling opportunity. The broken support area at 0.00180-182BTC may now act as a resistance in the near term.
Hourly MACD – The MACD is strongly in the bearish zone, suggesting more losses.
Hourly RSI – The RSI is well below the 50 level with sellers in control.
Major Support Level – 0.00170BTC
Major Resistance Level – 0.00180BTC
Charts courtesy – SimpleFX
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