Ethereum Classic Price Technical Analysis – ETC Remain Under Pressure

Key Highlights

  • Ethereum classic price moved down further versus Bitcoin and registered a new weekly low of 0.00268BTC.
  • Yesterday’s highlighted connecting bearish trend line on the hourly chart of ETC/BTC (data feed via Simplefx) acted as a perfect resistance.
  • Selling rallies can be opted as long as the price is below the 0.0030BTC level.

Ethereum classic price continued to move down versus BTC, and currently looks poised for further losses in the short term.

Ethereum Classic Price Decline

Ethereum classic price faced a lot of heat recently against Bitcoin, as it traded lower. I mentioned yesterday that there is a chance of more downsides in ETC/BTC. The price did move down during the past 24 hours. Earlier, there was a minor upside, but it was stopped near a major resistance. Yesterday’s highlighted connecting bearish trend line on the hourly chart of ETC/BTC (data feed via Simplefx) prevented gains and acted as a resistance.

The price traded as low as 0.00268BTC and currently consolidating losses. On the upside, an initial resistance is around the 23.6% Fib retracement level of the last drop from the 0.00308BTC high to 0.00268BTC low. However, the most important resistance is around the highlighted trend line resistance. The 100 hourly

Read more ... source: NewsBTC USA

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