Ethereum Classic Price Technical Analysis – Can ETC Make It?

Key Highlights

  • Ethereum classic price traded down once again versus Bitcoin, but somehow managed to find bids at 0.0035BTC
  • There is a crucial bearish trend line formed on the 30-min chart of ETC/BTC (data feed via Simplefx), which is preventing the upside break.
  • The price is also below the 100 simple moving average on the same chart, acting as a resistance.

Ethereum classic price found bids one more time near 0.0033-35BTC. Can ETC buyers succeed in taking the price higher in the near term?

Ethereum Classic Price Resistance

Ethereum classic price ETC after finding sellers near yesterday’s highlighted resistance area of 0.0038BTC traded down. However, the downside move was limited, as the last swing low of 0.0035BTC once again acted as a support area and protected loses in ETC/BTC. The price is once again trading higher, but facing sellers near the 0.0036-38BTC resistance.

There is also a crucial bearish trend line formed on the 30-min chart of ETC/BTC (data feed via Simplefx), which is acting as a hurdle for an upside move. Moreover, the 23.6% Fib retracement level of the last drop from the 0.0046BTC high to 0.0033BTC low is still in play and acting as a resistance along with the same trend line. The last but not the least, the 100 simple moving average is just above the trend line resistance. So, we can say that there is a monster barrier for the ETC buyers on the upside at 0.0036-38BTC.

Ethereum Classic Price Technical Analysis

Ethereum Classic Price Technical Analysis

Only a break above it could take the price higher towards 0.0045BTC. On the downside, we need to keep a close eye on the last swing low of 0.0033BTC as a support zone.

30-min MACD – The MACD may change the slope to the bullish zone, but lags momentum.

30-min RSI – The RSI is about to move below the 50 level, which is a bearish sign.

Major Support Level – 0.0033BTC

Major Resistance Level – 0.0038BTC

 

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.

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