- Ethereum classic price after a decline this past week against the Bitcoin started a consolidation move.
- There is a crucial resistance forming on the upside at 0.00127BTC on the hourly chart of ETC/BTC (data feed via Simplefx).
- On the downside, there is a minor bullish trend line formed, acting as a support.
Ethereum classic price is currently consolidating losses against the Bitcoin, and there is a chance of ETC/BTC recovering further in the short term.
Ethereum Classic Price Recovery
ETC price after trading as low as 0.0016BTC against the Bitcoin started correcting higher. During the upside move, it broke the 0.00120BTC resistance area, and attempted a break. It also closed above the 23.6% Fib retracement level of the last decline from the 0.00136BTC high to 0.0016BTC low. This is a positive sign, as the price also managed to move above the 100 hourly simple moving average.
Later, the price failed to gain traction, and found resistance near the 50% Fib retracement level of the last decline from the 0.00136BTC high to 0.0016BTC low at 0.00126-127BTC. There were more than two attempts to break the stated level, but the price could not breach the stated resistance area. The worst part is that the price is now back below the 100 hourly simple moving average. Currently, there is a minor bullish trend line formed on the hourly chart of ETC/BTC (data feed via Simplefx), which is acting as a support area.
The price has to stay above the trend line support, or there is a chance that it may break it for a downside move. A break below it could call for a retest of 0.00160BTC. On the upside, a break above 0.00127BTC is required for the price to move further higher.
Hourly MACD – The MACD is currently in the bearish zone.
Hourly RSI – The RSI has moved below the 50 level, which is a bearish sign.
Major Support Level – 0.00120BTC
Major Resistance Level – 0.00127BTC
Charts courtesy – SimpleFX