Key Highlights
- Ethereum Classic (ETC) moved higher further against Bitcoin and traded as high as 0.0030BTC.
- There is currently a contracting triangle pattern formed on the 30-min charts of ETC/BTC, which may break soon for the next move.
- The chances of an upside break are more considering the current market sentiment.
Ethereum Classic recent surge was impressive against Bitcoin, and it looks like there are more upsides left in the short term.
Ethereum Classic Trend
Ethereum Classic price ETC enjoyed a decent upside ride against Bitcoin recently, as the bulls managed to clear a couple of important resistance levels. The most important point is that the price broke the 100 and 200 simple moving average on the 30-mins chart before surging as high as 0.0030BTC.
Currently, there is a contracting triangle pattern formed on the 30-min charts of ETC/BTC, which may act as a catalyst for the next move. In my view, it is a bullish pattern and may open the doors for more gains soon if the ETC bulls remain in action. The price already corrected once and tested the 38.2% Fib retracement level of the last leg from the 0.0023BTC to 0.0030BTC.
So, it could be that the price has already completed a correction pattern, and may look to trade higher in the near term. A break above the triangle resistance area might open the doors for a break above the 0.0030BTC. The technical indicators are positive and suggesting more gains. If at all the bears step in and bulls fail, then a break of the triangle support can take the price towards the 50% Fib retracement level of the last leg from the 0.0023BTC to 0.0030BTC.
Hourly MACD – The MACD is in the bullish zone, which is a positive sign.
Hourly RSI – The RSI is holding the 50 level, calling for an upside ride soon.
Major Support Level – 0.0027BTC
Major Resistance Level – 0.0030BTC
Charts courtesy – SimpleFX
