Ethereum Classic Price Technical Analysis – ETC Break Imminent

Key Highlights

  • Ethereum classic price fell lower versus Bitcoin, as there was no relief for the ETC buyers.
  • Yesterday’s highlighted bearish trend line on the hourly chart of ETC/BTC (data feed via Simplefx) is still in action and protecting an upside move.
  • The price is currently trading near the last swing low of 0.00182BTC, which may be broken soon.

Ethereum classic price moved down further and traded near 0.00182BTC as forecasted. Can ETC sellers manage to break it?

Ethereum Classic Price Resistance

Ethereum classic price fell against Bitcoin and tested last swing low of 0.00182BTC, as forecasted in yesterday’s post. If you sold, I guess you booked gains on it. The price after testing 0.00182BTC found support once again and currently consolidating. Moreover, yesterday’s highlighted bearish trend line on the hourly chart of ETC/BTC (data feed via Simplefx) is still intact.

The highlighted trend line resistance is moving down, so we can say the hurdle for ETC buyers is moving lower. The support remains the same at 0.00182BTC. So, we can say that the price is stuck between an important support and resistance, and the range is shrinking. In short, there is a chance of a break soon. On the upside, a break above the trend line may take the price towards the 23.6% Fib retracement level of the drop from the 0.00206BTC high to 0.00182BTC low.

Ethereum Classic Price Technical AnalysisEthereum Classic Price Technical Analysis

On the downside, a break below 0.00182BTC may take the price towards 0.00170BTC. Overall, the price remains under a bearish pressure, and the chances of a downside move is more, compared to a break higher. One may consider trading ETC with a break on either side of the market.

Hourly MACD – The MACD is currently in the bearish zone, and not showing any recovery.

Hourly RSI – The RSI is also below the 50 level, and struggling to gain momentum.

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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