- Ethereum classic price remained above a crucial support area of 0.00153BTC against the Bitcoin.
- Yesterday’s highlighted bullish trend line on the hourly chart of ETC/BTC (data feed via Simplefx) is still in action and providing bids.
- The pair is currently moving higher, and may be heading towards the 0.00165BTC level soon.
Ethereum classic price managed to remain above a key support zone against the Bitcoin, which is a good sign for the ETC buyers.
Ethereum Classic Price Support
Ethereum Classic price after a major decline found support just above 0.00150BTC. There is a crucial bullish trend line on the hourly chart of ETC/BTC (data feed via Simplefx), as highlighted yesterday that prevented a downside move. It acted as a support area recently as well, and currently helping the price to move back higher.
However, there is a concern for the ETC buyers. Yesterday, the price was above the 100 hourly simple moving average. It is now just below the 100 hourly SMA, which is stopping the buyers from taking control. Moreover, the 23.6% Fib retracement level of the drop from the 0.00186BTC high to 0.00153BTC low is also acting as a major hurdle for the buyers. It acted as a resistance on many occasions, and currently preventing an upside move.
I think as long as the price is above the trend line support, it may attempt to break the 0.00162BTC for a ride towards the 0.00165BTC level. The most important resistance on the upside could be around the 50% Fib retracement level of the drop from the 0.00186BTC high to 0.00153BTC low. As I stated yesterday, one may consider buying dips as long as the price is above the trend line.
Hourly MACD – The MACD is still flat, and suggesting no major movement.
Hourly RSI – The RSI is above the 50 level, and suggesting that the price is supported on the downside.
Major Support Level – 0.00158BTC
Major Resistance Level – 0.00165BTC
Charts courtesy – SimpleFX