- Ethereum classic price after a minor downside move versus the Bitcoin towards 0.00153BTC found support.
- There is a minor new bullish trend line formed on the hourly chart of ETC/BTC (data feed via Simplefx), which acted as support area.
- The main support on the downside for the ETC was around the 100 hourly simple moving average.
Ethereum classic price declined further yesterday against the Bitcoin, but the 100 hourly SMA provided support on the downside.
Ethereum Classic Price Support
Ethereum Classic price as forecasted yesterday moved down versus the Bitcoin, and almost tested the 0.00150BTC support area. There was a new low of 0.00153BTC where somehow the ETC buyers managed to defend the downside move. There were two important support areas, which prevented a downside move. First, a minor new bullish trend line formed on the hourly chart of ETC/BTC (data feed via Simplefx) acted as a buy zone.
Second and the most important one was the 100 hourly simple moving average. It acted as a barrier for sellers and helped the price in a recovery. The price is currently trading higher and testing the 23.6% Fib retracement level of the drop from the 0.00186BTC high to 0.00153BTC low. It looks like the price may continue to move higher, and any dips remain supported.
The next stop on the upside for the ETC buyers can be around the 50% Fib retracement level of the drop from the 0.00186BTC high to 0.00153BTC low. As long as the price is above the 100 hourly SMA and the trend line support, it may rise. A break below it might expose for yet another test of the last swing low of 0.00153BTC.
Hourly MACD – The MACD is about to change the slope from the bearish to bullish zone.
Hourly RSI – The RSI is placed well above the 50 level, which is a positive sign.
Major Support Level – 0.00154BTC
Major Resistance Level – 0.00165BTC
Charts courtesy – SimpleFX
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