Ethereum Classic Price Technical Analysis – ETC Under Renewed Pressure

Key Highlights

  • Ethereum after creating a minor new high of 0.00206BTC versus Bitcoin started trading lower.
  • There is a bearish trend line formed on the hourly chart of ETC/BTC (data feed via Simplefx), which is acting as a downside move catalyst.
  • The price is also below the 100 hourly simple moving average, which is a bearish sign.

Ethereum classic price is once again under bearish pressure against the US dollar, and looks poised for a move towards the 0.00182BTC in the short term.

Ethereum Classic Price Resistance

Ethereum classic price after maintaining a bullish bias for a few sessions this past week against the US Dollar traded as high as 0.00206BTC. Later, sellers appeared and managed to push the price down. There was a break below the 100 hourly simple moving average during the recent downside move. Moreover, the price also cleared the 61.8% Fib retracement level of the wave from the 0.00182BTC low to 0.00206BTC high.

There was a retest of the last swing low of 0.00182BTC where buyers protected further losses. The price is currently recovering, as there is a chance of a double bottom pattern. However, the upside move won’t be easy for ETC. An initial resistance is around a bearish trend line formed on the hourly chart of ETC/BTC (data feed via Simplefx). Moreover, the 38.2% Fib retracement level of the drop from the 0.00206BTC high to 0.00182BTC low is also around the stated level.

Ethereum Classic Price Technical Analysis Ethereum Classic Price Technical Analysis

A break above the trend line resistance area won’t be easy for the ETC buyers. So, in my view, there is a chance of yet another move towards 0.00182BTC. The only warning sign for the sellers is a double bottom pattern near 0.00182BTC.

Hourly MACD – The MACD is currently in the bearish zone with no signs of a recovery.

Hourly RSI – The RSI is also below the 50 level, which is a bearish sign.

Major Support Level – 0.00182BTC

Major Resistance Level – 0.00192BTC

 

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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