Key Highlights Ethereum classic price faced a lot of selling pressure this week versus the Bitcoin and declined heavily. There is a monster bearish trend line formed on the 4-hours chart of ETC/BTC (data feed via Simplefx), which ignited a downside move. The price is currently finding bids near 0.00150BTC, and may attempt to recover in the short term. Ethereum classic price is in a downtrend, and looking at the 4-hours chart of ETC/BTC, the pair may present a selling opportunity going forward. Ethereum Classic Price Resistance Ethereum classic price remained under a lot of bearish pressure throughout this week against the US dollar and Bitcoin. There was a sharp downside move in ETC/BTC once it broke a major support area at 0.00180BTC. Let us look at a higher timeframe chart to analyze further. There is a monster bearish trend line formed on the 4-hours chart of ETC/BTC (data feed via Simplefx). The same trend line was one of the main reasons why the price could not trade higher, and moved down. Once there was a close below 0.00180BTC, it fell towards 0.00150BTC. The price is currently correcting, and testing the 23.6% Fib retracement level of the drop from the 0.0018BTC high to 0.00151BTC low. However, the most important resistance is near the trend line. The 61.8% Fib retracement level of the drop from the 0.0018BTC high to 0.00151BTC low is also around it. So, we can say that the price is in a downtrend, but there is a chance of a minor correction as long as it is above 0.00150BTC. However, any major correction can be seen as a selling opportunity. The ETC bulls must not wait for any major gains in the short term. Hourly MACD – The MACD is strongly in the bearish zone, and pointing […]
