Key Highlights
- Ethereum classic price declined further versus the Bitcoin and formed a new low below 0.00150BTC.
- There is a new tiny bearish trend line formed on the hourly chart of ETC/BTC (data feed via Simplefx), which is currently acting as a resistance.
- The price is under pressure, and there are chances of further losses in the short term.
Ethereum classic price failed to recover against the Bitcoin, and it looks like the ETC/BTC pair may continue to trade lower in the medium term.
Ethereum Classic Price Trend
Yesterday, I highlighted how Ethereum classic price is in a downtrend versus the Bitcoin, and may continue to decline. The ETC/BTC pair fell further and even managed to break an important support area of 0.00150BTC. However, the downside was limited, as the price traded as low as 0.00148BTC. The pair attempted to correct higher, but the same broken support at 0.00150BTC acted as a resistance.
There is now a new tiny bearish trend line formed on the hourly chart of ETC/BTC (data feed via Simplefx). It can be considered as a hurdle on the upside if the pair starts a correction. The 23.6% Fib retracement level of the drop from the 0.0018BTC high to 0.00148BTC low can also be seen as a resistance zone. So, it won’t be an easy job for the ETC buyers to take the price higher above 0.00155BTC.
I think corrections may be limited near 0.00160BTC max unless there is any change in the market sentiment. One may consider selling ETC as long as the price is below the stated level. On the downside, a break below 0.00148BTC may take the price towards 0.00145BTC.
Hourly MACD – The MACD is currently in the bearish zone, but slowly losing grip.
Hourly RSI – The RSI is well below the 50 level, signaling a bearish trend.
Major Support Level – 0.00148BTC
Major Resistance Level – 0.00155BTC
Charts courtesy – SimpleFX
Disclaimer: The information contained herein is not guaranteed, does not purport to be comprehensive and is strictly for information purposes only. It should not be regarded as investment/trading advice. All the information is believed to come from reliable sources. NewsBTC does not warrant the accuracy, correctness, or completeness of information in its analysis and therefore will not be liable for any loss incurred.