Ethereum Classic Price Technical Analysis – Can ETC Hold Uptrend?

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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
Read more ... source: NewsBTC USA

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