Ethereum Classic Price Technical Analysis – Can ETC/BTC Break This?

Key Highlights

  • Ethereum classic price moved further down to break the last low of 0.00121BTC.
  • This week’s highlighted bearish trend line on the hourly chart of ETC/BTC (data feed via Simplefx) is currently acting as a resistance area.
  • The price is currently trading higher, and attempting to break an important resistance area.

Ethereum classic price declined further yesterday against Bitcoin, and then started a recovery. Can ETC buyers get success in taking the price higher?

Ethereum Classic Price Upside Hurdle

ETC price attempted a minor upside move yesterday versus Bitcoin, and then declined. There was a break below the 0.00120BTC support, which is a bearish sign. A new low was formed at 0.0016BTC. I was looking for a test of 0.0015BTC yesterday, and the price almost tested it. ETC is currently finding buyers and attempting to trade higher in the short term.

However, there is a crucial resistance formed on the upside around 0.00121BTC, which is acting as a hurdle for an upside move. The main reason for it acting as a resistance is this week’s highlighted bearish trend line on the hourly chart of ETC/BTC (data feed via Simplefx). It is acting as a barrier along with the 23.6% Fib retracement level of the last decline from the 0.00136BTC high to 0.0016BTC low.

Ethereum Classic Price Technical Analysis Ethereum Classic Price Technical Analysis

So, if there is a break above the highlighted resistance area, it may open the doors for a recovery. The next resistance on the upside could be around the 100 hourly simple moving average. The stated SMA is also aligned with the 50% Fib retracement level of the last decline from the 0.00136BTC high to 0.0016BTC low. So, it can be considered as a sell area at 0.00126BTC.

Hourly MACD – The MACD is about to change to the bullish zone.

Hourly RSI – The RSI is attempting to break the 50 level, which is a positive sign.

Major Support Level – 0.00116BTC

Major Resistance Level – 0.00121BTC

 

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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