- Ethereum classic price managed to gain a few bids yesterday and traded higher versus Bitcoin.
- This week’s critical bearish trend line on the hourly chart of ETC/BTC (data feed via Simplefx) was broken to clear the way for more gains.
- It looks like there is a chance of more gains in the near term in ETC price if buyers remain in action.
Ethereum classic price finally started recovery as I forecasted against Bitcoin and looks set for more upsides in the near term.
Ethereum Classic Price Upside Move
Ethereum classic price after finding continuous bids near the 0.0020BTC support managed to gain traction against Bitcoin. I forecasted yesterday that ETC is sighting recovery, and the price did move higher during the past 24 hours. There was a nice upside move, which lifted the market sentiment and helped the buyers to gain momentum.
The most important point to note is the fact that the price settled above this week’s critical bearish trend line on the hourly chart of ETC/BTC (data feed via Simplefx). Second, the price also moved above the 100 hourly simple moving average, which is a bullish sign. The price after trading as high as 0.0025BTC corrected lower and tested the 23.6% Fib retracement level of the last wave from the 0.0019BTC low to 0.0025BTC high.
We need to see whether the current correction is over or the price may move down further. A key support is around the 100 hourly simple moving average. Also, the 50% Fib retracement level of the last wave from the 0.0019BTC low to 0.0025BTC high holds the key. In short, there is a chance of more upsides as long as the market sentiment remains intact.
Hourly MACD – The MACD is strongly placed in the bullish zone, which is a good sign.
Hourly RSI – The RSI is currently below the 50 level, suggesting more gains.
Major Support Level – 0.00225BTC
Major Resistance Level – 0.00255BTC
Charts courtesy – SimpleFX