- Ethereum classic price broke down against Bitcoin, as I forecasted in yesterday’s post.
- Moreover, the highlighted support trend line on the hourly chart of ETC/BTC (data feed via Simplefx) was broken to open the doors for declines.
- The price is currently testing a short-term support, which can be cleared moving ahead.
Ethereum classic price broke down against bitcoin, and cleared a major support area to signal further losses in the near term.
Ethereum Classic Price Breakdown
Ethereum classic price ETC found sellers intraday against Bitcoin and traded lower. In yesterday’s post I stated that there is a chance of a breakdown in ETC/BTC. The price did move down, and cleared yesterday’s highlighted support trend line on the hourly chart of ETC/BTC (data feed via Simplefx).
During the downside move, the price also broke the 23.6% Fib retracement level of the last wave from the 0.0028BTC high to 0.0034BTC low. At the moment, ETC/BTC is finding bids near the 100 hourly simple moving average, which is acting as a support area. Moreover, the 38.2% Fib retracement level of the last wave from the 0.0028BTC high to 0.0034BTC low is also providing bids. However, there are clear signs of weakness in ETC, which means the