Key Highlights
- Ethereum classic price remained above a major support of 0.0020BTC versus Bitcoin during the past few sessions.
- A long followed highlighted bearish trend line on the hourly chart of ETC/BTC (data feed via Simplefx) remained in action and preventing gains in ETC.
- The ETC buyers need to break the trend line resistance for a recovery in the near term.
Ethereum classic price continued to consolidate above 0.0020BTC, and it looks like it may do so for some time before a recovery.
Ethereum Classic Price Resistance
Ethereum classic price after declining towards the 0.0020BTC support versus Bitcoin started to consolidate yesterday. The ranging moves continued during the past couple of sessions. It looks like the price is consolidating before making an attempt to recover. The price attempted a downside move, but found support near the 50% Fib retracement level of the last wave from the 0.0017BTC low to 0.00216BTC high.
The price is again heading higher. However, this week’s long followed highlighted bearish trend line on the hourly chart of ETC/BTC (data feed via Simplefx) is still there. It may continue to act as a major hurdle for more gains. It won’t be an easy task for the ETC bulls to take the price above it. The 100 hourly simple moving average is also positioned above it to act as a resistance.
Only a break above the trend line and 100 hourly SMA could start a recovery in ETC in the short term. If the ETC fails to gain momentum, then a move towards the 61.8% Fib retracement level of the last wave from the 0.0017BTC low to 0.00216BTC high is possible.
Hourly MACD – The MACD is about to change the slope from the bearish to bullish zone, which is a good sign.
Hourly RSI – The RSI is currently below the 50 level, calling for a recovery.
Major Support Level – 0.0020BTC
Major Resistance Level – 0.00215BTC
Charts courtesy – SimpleFX
