- 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 chances of it weakening further are very high.
If there is a close below the 100 hourly SMA, then the price could head towards the 0.0030BTC. On the upside, as I mentioned earlier the 0.0034-36 levels hold a lot of importance. I still believe investing in ETC is a risk at this moment. We should wait for the price to settle at an appropriate level, and then plan of investing.
Hourly MACD – The MACD is currently in the bearish zone, and showing signs of more weakness.
Hourly RSI – The RSI is below the 50 level, and may bend down further in the short term.
Major Support Level – 0.00318BTC
Major Resistance Level – 0.00340BTC
Charts courtesy – SimpleFX
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