- Ethereum classic price made a new low against the Bitcoin, and then managed to recover sharply.
- There was a bearish trend line on the hourly chart of ETC/BTC (data feed via Simplefx), which the buyers managed to clear recently.
- The price is now back above the 0.00200BTC resistance and trading with a positive bias.
Ethereum classic price gained heavy bids once it traded below 0.00185BTC and bounced sharply during the past few hours.
Ethereum Classic Price Upside Move
Ethereum classic price was under a lot of pressure yesterday versus the Bitcoin, as it traded below the 0.0020BTC level. There was a new low formed at 0.00182BTC, and selling idea played well. However, the price later found strong bids, which pushed it higher. During the recent upside move, there was a break above a couple of important resistances.
First, the bulls cleared the 61.8% Fib retracement level of the last drop from the 0.00205BTC high to 0.00187BTC low. Second, there was a bearish trend line on the hourly chart of ETC/BTC (data feed via Simplefx), which was broken. Lastly, the price managed to settle above the 100 hourly simple moving average. All these signs suggest that the recent upside move in ETC was convincing and may push the price further higher.
The pair traded as high as 0.00219BTC, and currently correcting lower. It is finding bids near the 38.2% Fib retracement level of the last wave from the 0.00812BTC low to 0.00219BTC high. Moreover, the broken 100 hourly simple moving average is also acting as a support area. So, if the pair retests the 100 hourly SMA once again, there is a chance of buyers appearing and defending the downside.
Hourly MACD – The MACD is now back in the bullish zone, which is a good sign.
Hourly RSI – The RSI is also above the 50 level, calling for more gains.
Major Support Level – 0.00202BTC
Major Resistance Level – 0.00210BTC
Charts courtesy – SimpleFX