THELOGICALINDIAN - Ethereum archetypal amount bankrupt bottomward adjoin bitcoin and austere a above abutment breadth to arresting added losses in the abreast term
Ethereum Classic Price Breakdown
Ethereum archetypal amount ETC found sellers intraday adjoin Bitcoin and traded lower. In yesterday’s column I declared that there is a adventitious of a breakdown in ETC/BTC. The amount did move down, and austere yesterday’s accent abutment trend band on the alternate blueprint of ETC/BTC (data augment via Simplefx).
During the downside move, the amount additionally bankrupt the 23.6% Fib retracement akin of the aftermost beachcomber from the 0.0028BTC aerial to 0.0034BTC low. At the moment, ETC/BTC is award bids abreast the 100 alternate simple affective average, which is acting as a abutment area. Moreover, the 38.2% Fib retracement akin of the aftermost beachcomber from the 0.0028BTC aerial to 0.0034BTC low is additionally accouterment bids. However, there are bright signs of weakness in ETC, which agency the affairs of it abrasion added are actual high.
If there is a abutting beneath the 100 alternate SMA, again the amount could arch appear the 0.0030BTC. On the upside, as I mentioned beforehand the 0.0034-36 levels authority a lot of importance. I still accept advance in ETC is a accident at this moment. We should wait for the amount to settle at an adapted level, and again plan of investing.
Hourly MACD – The MACD is currently in the bearish zone, and assuming signs of added weakness.
Hourly RSI – The RSI is beneath the 50 level, and may angle bottomward added in the abbreviate term.
Major Support Level – 0.00318BTC
Major Resistance Level – 0.00340BTC
Charts address – SimpleFX
