- Ethereum classic price after a decline against Bitcoin started to consolidate above a major support of 0.0020BTC.
- Yesterday’s highlighted bearish trend line on the hourly chart of ETC/BTC (data feed via Simplefx) is still in play and acting as a resistance.
- There is a minor chance of a recovery in ETC/BTC if the price continues to consolidate above 0.0020BTC.
Ethereum classic price started to trade in a range above a support area versus Bitcoin. Can buyers gain strength for a recovery?
Ethereum Classic Price Support
Ethereum classic price yesterday moved down and traded towards 0.0020BTC versus Bitcoin where buyers appeared. There was a false spike below the stated level, which should not be considered as the price recovered well. The price is now back above the 0.0020BTC support and trading in a range. There was a test of the 23.6% Fib retracement level of the last drop from the 0.00250BTC high to 0.0020BTC low. However, there was no break above it.
The most important point is that yesterday’s highlighted bearish trend line on the hourly chart of ETC/BTC (data feed via Simplefx) is still in play. It is acting as a resistance and preventing an upside move. It holds a lot of significance in the near term. The ETC bulls need to break it if they want to take the price further higher for a recovery. In that case, the 50% Fib retracement level of the last drop from the 0.00250BTC high to 0.0020BTC low may be tested.
A break below the 0.0020BTC support area may be very bearish for ETC. The price may even head towards 0.00175BTC in that scenario if sellers remain in control.
Hourly MACD – The MACD is currently is the bearish zone, and showing no positive sign for buyers.
Hourly RSI – The RSI is currently below the 50 level, and heading south.
Major Support Level – 0.0020BTC
Major Resistance Level – 0.00230BTC
Charts courtesy – SimpleFX