Ethereum Classic Price Technical Analysis – Support Turned Resistance

Key Highlights

  • Ethereum classic price continued to face sellers at 0.0024-25BTC versus Bitcoin and struggled to move higher.
  • There is a minor bearish trend line formed on the hourly chart of ETC/BTC (data feed via Simplefx), which is currently acting as a resistance.
  • On the downside, there is a major support at 0.00225BTC, which is acting as a barrier for sellers.

Ethereum classic price is currently correcting lower versus Bitcoin, as the 0.00250BTC level is acting as crucial resistance for ETC/BTC.

Ethereum Classic Price Downside Move

Ethereum classic price tested the 0.00245-250BTC resistance once again but failed to break it. The stated level was a support earlier and now it is acting as a resistance of the ETC buyers. It may continue to act as a major barrier for them. However, if ETC price has to move higher, then it has to clear the resistance. The price at the moment is correcting lower. It already broke the 38.2% Fib retracement level of the last wave from the 0.00214BTC low to 0.00248BTC high.

There is now a minor bearish trend line formed on the hourly chart of ETC/BTC (data feed via Simplefx). It is acting as a hurdle for the bulls and preventing an upside move. A break above the trend line is needed for a move back towards the last high of 0.00248BTC. On the downside, there is a major support at 0.00225BTC. It is also coinciding with the 50% Fib retracement level of the last wave from the 0.00214BTC low to 0.00248BTC high.

Ethereum Classic Price Technical AnalysisEthereum Classic Price Technical Analysis

So, we can say that the price is stuck between a major support and a trend line resistance. A break is needed for the next move.

Hourly MACD – The MACD is heading into the bearish zone, which is not a good sign.

Hourly RSI – The RSI is also below the 50 level, calling for a downside move.

Major Support Level – 0.00225BTC

Major Resistance Level – 0.00248BTC

 

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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