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 as a resistance. Moreover, the 38.2% Fib retracement level of the last drop from the 0.00248BTC high to 0.00218BTC low is also positioned near it.

So, if the price continues to move higher from the current levels, then it may face offers near 0.00225BTC. Anything above it could put the price for a test of the upper bearish trend line on the hourly chart. One may consider selling rallies as long as the price is below 0.00230BTC.

Hourly MACD – The MACD is placed in the bearish zone, calling for a correction.

Hourly RSI – The RSI is currently around the oversold levels, which may ignite a minor correction.

Major Support Level – 0.00218BTC

Major Resistance Level – 0.00225BTC

Charts courtesy – SimpleFX