Ethereum Classic Price Technical Analysis – Sell Rallies In ETC

Key Highlights

  • Ethereum classic price finally broke down against Bitcoin and tested the 0.00218BTC support.
  • There was a close below yesterday’s stated support area of 0.00225BTC in ETC/BTC.
  • The same broken support area may now act as a resistance if the price moves higher from the current levels.

Ethereum classic price fell during the past few hours and it looks like under a lot of bearish pressure versus Bitcoin at the moment.

Ethereum Classic Price Resistance

Ethereum classic price as seen trading in a range against Bitcoin before the price started moving down. Yesterday’s highlighted contracting pattern on the hourly chart of ETC/BTC (data feed via Simplefx) was broken to clear the way for more declines. The price broke a major support area of 0.00225BTC, which further ignited a downside move.

The price traded a few basis points below the 0.0022BTC to set a new intraday low of 0.00218BTC. The ETC bulls are currently attempting for a correction. An initial resistance on the upside is at 23.6% Fib retracement level of the last drop from the 0.00248BTC high to 0.00218BTC low. However, the most important hurdle for buyers on the upside is at 0.00225BTC. It was a support earlier and may now act

Read more ... source: NewsBTC USA