THELOGICALINDIAN - Ethereum archetypal amount is beneath a bearish burden against BTC and it may abide to arch lower in the abreast term
Ethereum Classic Price Resistance
Ethereum archetypal amount this accomplished anniversary managed to recover from the 0.0027BTC low and traded higher. However, the upside move in ETC/BTC was bound as it begin attrition abreast 0.00300-308BTC. The amount is currently affective bottomward and award bids abreast the 61.8% Fib retracement akin of the aftermost leg from the 0.00272BTC low to 0.00308BTC high.
On the upside, there is a new abutting bearish trend band formed on the alternate blueprint of ETC/BTC (data augment via Simplefx). It is acting as a attrition for ETC buyers at this moment, and preventing gains. The amount has additionally confused beneath the 100 alternate simple affective average, which is a bearish sign. I anticipate there is a adventitious of added declines in ETC affective advanced back it is beneath the 100 alternate SMA.
On the downside, the abutting abutment can be about the 76.4% Fib retracement akin of the aftermost leg from the 0.00272BTC low to 0.00308BTC high. A breach beneath it ability alarm for a abounding analysis of the aftermost beat low of 0.00272BTC. In my view, the amount is beneath burden and may abide to abatement in the abbreviate term.
Hourly MACD – The MACD is currently flat, and not assuming any signs of a above move.
Hourly RSI – The RSI is beneath the 50 level, which is a bearish sign.
Major Support Level – 0.00272BTC
Major Resistance Level – 0.00300BTC
Charts address – SimpleFX
