Ethereum Classic Price Technical Analysis – ETC Break Failed?

Key Highlights

  • Ethereum classic price broke higher versus Bitcoin, but it looks like it was a failed attempt.
  • Yesterday’s highlighted bearish trend line on the hourly chart of ETC/BTC (data feed via Simplefx) was broken, but the upside was limited.
  • The price is back trading lower, and may soon test the 0.00182BTC support once again.

Ethereum classic price managed to break higher against the Bitcoin, but it looks like the ETC buyers failed to capitalize, igniting a downside move.

Ethereum Classic Price Support

Ethereum classic price finally gained bids and managed to move from the 0.00182BTC support. There was a nice upside move, and the price traded above the 0.00188BTC resistance. During the upside move, the ETC buyers also managed to take the price above yesterday’s highlighted bearish trend line on the hourly chart of ETC/BTC (data feed via Simplefx). The price also climbed above the 23.6% Fib retracement level of the drop from the 0.00206BTC high to 0.00182BTC low.

However, the upside move was stopped near another important resistance area at 0.00194BTC. It was a perfect rejection near the 50% Fib retracement level of the drop from the 0.00206BTC high to 0.00182BTC low. The worst part of the rejection is that the price is now back below the 100 hourly simple moving average. The recent rejection has brought back the ETC bears in control once again.

Ethereum Classic Price Technical AnalysisEthereum Classic Price Technical Analysis

This is why we can say that the recent break was a false move in ETC/BTC. It looks like the price may once again test the all-important 0.00182BTC support. Let us see how the bulls react in that situation, and whether they defend the stated support one more time.

Hourly MACD – The MACD is currently in the bullish zone, but about to move into the bearish zone.

Hourly RSI – The RSI has also moved below the 50 level, which is a bearish sign in the short term.

Major Support Level – 0.00182BTC

Major Resistance Level – 0.00188BTC

 

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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