- Ethereum classic price created a new intraday minor high against the Bitcoin at 0.00206BTC.
- There is a new connecting bullish trend line formed on the hourly chart of ETC/BTC (data feed via Simplefx), which is currently providing support.
- The ETC buyers are presently guarding an important support area near 0.00198BTC.
Ethereum classic is losing grip versus Bitcoin, but as long as the price is above the 0.00198BTC support, there is a chance of an upside move.
Ethereum Classic Price Support
Ethereum classic price continued to trade with a bullish bias against the Bitcoin. The ETC bulls even succeeded in setting a new intraday high after breaking yesterday’s high of 0.00204BTC. A new high was created at 0.00206BTC. The price is currently correcting lower. It moved below the 23.6% Fib retracement level of the wave from the 0.00182BTC low to 0.00206BTC high.
The price is currently trading near a major support area of 0.00198BTC, and the bulls are guarding it. It represents a major confluence area, as there is new connecting bullish trend line formed on the hourly chart of ETC/BTC (data feed via Simplefx). The same trend line is coinciding with the 38.2% Fib retracement level of the wave from the 0.00182BTC low to 0.00206BTC high. Moreover, the 100 hourly simple moving average is also positioned below the trend line. So, it is quite clear that the 0.00198-195BTC area holds the key for ETC in the near term.
As long as the price stays above it, the bulls may be able to take it higher. A break below it might signal further losses. In my view, traders need to keep a close eye on the highlighted support area if planning for a buy trade.
Hourly MACD – The MACD is currently in the bullish zone, but slightly weakening.
Hourly RSI – The RSI is just above the 50 level, but struggling to hold.
Major Support Level – 0.00198BTC
Major Resistance Level – 0.00206BTC
Charts courtesy – SimpleFX