Ethereum Classic Price Technical Analysis – ETC Lacking Momentum

Key Highlights

  • Ethereum classic price recovered a few points against Bitcoin recently, but failed to hold gains.
  • There is a bearish trend line formed on the hourly chart of ETC/BTC (data feed via Simplefx), acting as a downside move catalyst.
  • The price is also below the 100 hourly simple moving average, which is a hurdle for buyers on the upside.

Ethereum classic price after a minor recovery against Bitcoin failed, and it looks like ETC buyers are lacking momentum in the short term.

Ethereum Classic Price Resistance

Ethereum classic price recently traded as high as 0.00219BTC against Bitcoin where sellers defended any further gains. Since then, the price moved down slowly and steadily, and broke the 0.0020BTC support area as well. There is a bearish trend line formed on the hourly chart of ETC/BTC (data feed via Simplefx). It is acting as a resistance and pushing the price lower.

The pair has also moved below the 50% Fib retracement level of the last wave from the 0.00182BTC low to 0.00219BTC high. So, there is a real chance of more losses in the near term. A crucial thing to note is that the 100 hourly simple moving average is positioned with the trend line. So, it increases the value of the highlighted resistance area. If the price continues to move down, then it may test the 76.4% Fib retracement level of the last wave from the 0.00182BTC low to 0.00219BTC high.

Ethereum Classic Price Technical Analysis Ethereum Classic Price Technical Analysis

However, in such cases the price generally retest the full last swing low, which is currently at 0.00182BTC. So, one may consider selling in ETC/BTC as long as the trend line resistance is valid.

Hourly MACD – The MACD is now in the bearish zone, and suggesting more declines in the ETC.

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

Major Support Level – 0.00190BTC

Major Resistance Level – 0.00200BTC

 

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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