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

Read more ... source: NewsBTC USA