Key Highlights

Ethereum classic price extended its downside move, which was initiated yesterday against the Bitcoin.

Yesterday’s highlighted bearish trend line on the hourly chart (data feed via Simplefx) of ETC/BTC, acting as a resistance area.

On the downside, the recent low of 0.00112BTC may act as a support area in the short term.

Ethereum classic price remained under the bearish pressure, and the downside pressure initiated yesterday got more traction intraday.

Ethereum Classic Price Decline

I highlighted in yesterday’s post how a bearish trend was initiated for ETC price versus the Bitcoin. The price did trade further lower, and broke the last low of 0.00114BTC to create a new low of 0.00112BTC. During the downside move, the price was seen correcting higher on a couple of occasions. However, it faced a major resistance in the form of a bearish trend line on the hourly chart (data feed via Simplefx) of ETC/BTC.

The same trend line was highlighted in yesterday’s post, and it may continue to play a major role in the short term. On the upside, an initial hurdle at the moment is around the 23.6% Fib retracement level of the last decline from the 0.00125BTC high to 0.00112BTC low. It looks like the price is looking for a test of the 0.00111BTC support area. It is a major pivot area, and it won’t be easy for sellers to break it.

If the ETC buyers need to take charge, then they need to clear the trend line resistance. A break above it could push the price towards 0.00118BTC. It represents the 50% Fib retracement level of the last decline from the 0.00125BTC high to 0.00112BTC low, and is the next major resistance.

Hourly MACD – The MACD is slowly reducing the bearish zone, and may move into the bullish area.

Hourly RSI – The RSI is currently flat, but below the 50 level.

Major Support Level – 0.00112BTC

Major Resistance Level – 0.00115BTC

Charts courtesy – SimpleFX