Ethereum Classic Price Technical Analysis – ETC/BTC Trend Bearish

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Key Highlights

  • Ethereum classic price remained under heavy selling pressure and traded as low as 0.00106BTC.
  • The 4-hours (data feed via Simplefx) of ETC/BTC clearly suggests a bearish trend with many resistances on the upside.
  • The most important hurdle on the upside is near 0.00115BTC, followed by 0.00121BTC.

Ethereum classic price may continue to weaken, and the 4-hours chart of ETC/BTC points a break down if the bulls do not appear soon.

Ethereum Classic Price Decline

There was a minor recovery in ETC price against the Bitcoin yesterday, but the price could not retain the momentum. There was a move towards the 0.00114BTC where the sellers appeared and defended the upside move. The stated level also represented the 38.2% Fib retracement level of the last decline from the 0.00125BTC high to 0.00107BTC low.

So, we can call it as a completion of the correction pattern. There is another reason why 0.00114BTC was important. It was a crucial support zone earlier, and it is now acting as a barrier for more gains. It is like a support turning into a resistance. The price is trading lower, and also broke yesterday’s low of 0.00107BTC to form a new low of 0.00106BTC.

Read more ... source: NewsBTC USA

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