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Key Highlights
- Ethereum classic price started to correct a few points higher this past week against Bitcoin and traded above 0.00205BTC.
- There is a minor bullish trend line formed on the hourly chart of ETC/BTC (data feed via Simplefx), which is currently providing support.
- The price is now above the 100 hourly simple moving average, which is a positive sign.
Ethereum classic price managed to break the 0.00205BTC resistance, but failed to gain pace. Can it now hold the broken resistance?
Ethereum Classic Price Support
Ethereum classic price was seen trading higher against Bitcoin. There were a couple of attempts to break the 0.00205BTC resistance. And, the ETC bulls finally managed to break the stated resistance area. The price traded as high as 0.00214BTC where the sellers appeared. There were three attempts to break the stated levels, but the bulls failed to clear it.
As a result, there was a downside move. The price broke the 23.6% Fib retracement level of the last leg from the 0.00198BTC low to 0.00214BTC high. However, the downside was prevented by a minor bullish trend line formed on the hourly chart of ETC/BTC (data feed via Simplefx). Furthermore, the 100 hourly simple moving average is also around the trend line support.
So, it was easy for the ETC buyers to prevent the downside. Last but not the least, the 38.2% Fib retracement level of the last leg from the 0.00198BTC low to 0.00214BTC high also gave a helping hand. It looks like the 0.00208BTC level is acting as a major support area and preventing losses. As long as the price is above it, there is a chance of another upside move towards 0.00214BTC.
Hourly MACD – The MACD is placed in the bearish zone, but there is hardly any momentum.
Hourly RSI – The RSI is below the 50 level, but bending higher at this moment.
Major Support Level – 0.00208BTC
Major Resistance Level – 0.00214BTC
Charts courtesy – SimpleFX
