Key Highlights
- Ethereum classic price after trading as high as 0.00254BTC versus Bitcoin started a correction.
- The correction is likely over, as the price broke a minor bearish trend line on the hourly chart of ETC/BTC (data feed via Simplefx).
- The pair may gain bids on the downside since it is above the 100 hourly simple moving average.
Ethereum classic price recovered after testing 0.0021BTC versus Bitcoin and currently positioning for more gains in the near term.
Ethereum Classic Price Break
Ethereum classic price after gaining pace towards 0.00250BTC corrected lower against Bitcoin. It traded as low as 0.00214BTC where it found buyers and started moving higher once again. The upside move was positive, as the ETC/BTC pair broke a couple of key resistance levels. First, the price broke the 23.6% Fib retracement level of the last decline from the 0.00250BTC high to 0.0021BTC low.
Second, the price cleared the 100 hourly simple moving average. Third, the ETC buyers also managed to break a minor bearish trend line on the hourly chart of ETC/BTC (data feed via Simplefx). So, the recent trend like break looks positive. The upside move stopped near the 61.8% Fib retracement level of the last decline from the 0.00250BTC high to 0.0021BTC low. The price is currently moving back lower. However, the downside may be limited.
The broken trend line area can now act as a support for the pair. Moreover, the 100 hourly simple moving average may also provide bids. So, if the pair continues to move lower from the current levels, then the 100 hourly SMA can be watched carefully. There is a high probability of buyers appearing and pushing the price back higher.
Hourly MACD – The MACD is currently in the bullish zone, which is a positive sign.
Hourly RSI – The RSI is also above the 50 level, suggesting more upsides.
Major Support Level – 0.00220BTC
Major Resistance Level – 0.00245BTC
Charts courtesy – SimpleFX
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