Key Highlights
- Ethereum classic price started trading higher against Bitcoin, and may present buyers an opportunity soon.
- This week’s highlighted crucial bearish trend line on the hourly chart of ETC/BTC (data feed via Simplefx) was broken recently to clear the way for more gains.
- The price is back at 0.0035BTC, which is currently acting as a resistance.
Ethereum classic price managed to find bids near 0.0025BTC and started a recovery against Bitcoin. Can it continue moving higher?
Ethereum Classic Price Break
Ethereum classic price ETC managed to gain traction around the recent low of 0.00258BTC and moved higher. The ETC bulls were seen back in action as they prevented additional downsides in ETC/BTC. The best part of the recent upside move was a break above the highlighted crucial bearish trend line on the hourly chart of ETC/BTC (data feed via Simplefx).
The same trend line acted as a resistance on many occasions, and a break above it suggests that the price may bounce further. There was a close above two crucial levels as well. First, the 23.6% Fib retracement level of the last drop from the 0.00501BTC high to 0.00258BTC was broken. Second, the 100 hourly simple moving average was cleared. So, there were enough reasons for the buyers to take the price higher.
The price is currently testing the 38.2% Fib retracement level of the last drop from the 0.00501BTC high to 0.00258BTC. So, it may correct a few points lower in the short term. In that situation, it can find support near the 100 hourly simple moving average, which may act as a barrier for sellers. Buying dips can be opted as long as the price is above 0.0030BTC.
Hourly MACD – The MACD is back in the bullish zone, which is a positive sign.
Hourly RSI – The RSI is currently around the 70 level, and may correct a few points lower.
Major Support Level – 0.00300BTC
Major Resistance Level – 0.0035-36BTC
Charts courtesy – SimpleFX
