Ethereum Classic Price Technical Analysis – ETC/BTC Short-Term Correction

Key Highlights

  • Ethereum classic price after creating another low against the Bitcoin at 0.00091BTC started correcting higher.
  • There was a bearish trend line formed on the hourly chart (data feed via Simplefx) of ETC/BTC, which was broken to start a short-term correction.
  • The price during the upside move stopped at 0.00100BTC, which acted as a resistance.

Ethereum classic price declined further versus the Bitcoin, and traded as low as 0.00091BTC before starting a short-term correction.

Ethereum Classic Price Resistance

ETC price traded further lower against the Bitcoin, moved below the last swing low of 0.00092BTC and traded at 0.00091BTC. The price then started a minor recovery and moved above the 23.6% Fib retracement level of the last drop from the 0.00111BTC high to 0.00091BTC low. The price even traded a bit higher, but the upside move found sellers near 0.00100BTC.

The stated level represents a major resistance, as it was a support earlier and now acting as a hurdle for an upside move. Moreover, the same level is positioned with the 38.2% Fib retracement level of the last drop from the 0.00111BTC high to 0.00091BTC low and the 100-hourly simple moving average. An important point was the fact that during the upside move, there was a break above a bearish trend line formed on the hourly chart (data feed via Simplefx) of ETC/BTC.

Ethereum Classic Price Technical Analysis Ethereum Classic Price Technical Analysis

It looks like the short-term correction is now over, and the price may once again move down. The 100 hourly SMA acted as a perfect barrier for the upside. We need to see whether the broken trend line may now act as a support or not. The overall trend is bearish and may continue in the near term.

Hourly MACD – The MACD is attempting to move into the bullish zone.

Hourly RSI – The RSI has moved above the 50 level, but may move down again.

Major Support Level – 0.00094BTC

Major Resistance Level – 0.00100BTC

 

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.

<!–

–>