Key Highlights
- Ethereum classic price continued to trade in a range versus Bitcoin, but approaching a break soon.
- Yesterday’s minor bearish trend line on the hourly chart of ETC/BTC (data feed via Simplefx) is still in play and acting as a barrier.
- The price needs to break either resistance or support for the next move going forward.
Ethereum classic price is currently trading in a range, which is contracting and may break soon for the next leg in ETC/BTC.
Ethereum Classic Price Support
Ethereum classic price slowly and steadily moved inside a tiny range on the hourly chart versus the Bitcoin. I highlighted a contracting pattern yesterday on the on the hourly chart of ETC/BTC (data feed via Simplefx). It is formed with the help of a bearish trend line on the chart on the upside. On the downside, there is a major support at 0.00225BTC low.
So, the trend line is acting as a resistance, and the mentioned level is acting as a support. The price is trading between both and the range is narrowing. The highlighted bearish trend line may play a major role, as the 100 hourly simple moving average is also positioned near it. On the downside, the 61.8% Fib retracement level of the last wave from the 0.00214BTC low to 0.00248BTC high is below the trend line.
So, we can say that it won’t be easy for the ETC sellers to break the support zone and take the price down. However, at the same time, the bulls need to clear the trend line. If they fail, then they will give sellers a chance to push the price down in the near term.
Hourly MACD – The MACD is almost flat, suggesting range moves in ETC.
Hourly RSI – The RSI is currently below the 50 level, but it may recover as the pointer is moving upward.
Major Support Level – 0.00225BTC
Major Resistance Level – 0.00235BTC
Charts courtesy – SimpleFX
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