Ethereum Classic Price Technical Analysis – ETC Approaching Support

Key Highlights

  • Ethereum classic price after trading as high as 0.00204BTC against the Bitcoin started correcting lower.
  • There is a short-term bullish trend line formed on the hourly chart of ETC/BTC (data feed via Simplefx), which may provide support.
  • The 0.00195BTC is a support area where the ETC buyers are likely to appear soon.

Ethereum classic is currently in the bullish zone versus Bitcoin, but need to hold the 0.00195BTC to remain in action in the near term.

Ethereum Classic Price Buy Dips

Ethereum classic price was seen trading with a positive tone versus Bitcoin during the past 24 hours. It traded as high as 0.00204BTC where the sellers appeared to protect any further upsides. However, during the upside move the price managed to settle above the 50% Fib retracement level of the last drop from the 0.00219BTC high to 0.00182BTC low.

Moreover, there was a close above the 100 hourly simple moving, which means the ETC bulls are back in action. There is a chance that the price may break the last swing high of 0.00204BTC and trade further higher. It is currently correcting lower. It has moved below the 23.6% Fib retracement level of the wave from the 0.00182BTC low to 0.00204BTC high. So, it may correct a few points more.

Ethereum Classic Price Technical AnalysisEthereum Classic Price Technical Analysis

On the downside, there is a short-term bullish trend line formed on the hourly chart of ETC/BTC (data feed via Simplefx). It may act as a support area along with the 100 hourly simple moving. As long as the price is above 0.00195BTC, there is a chance of it moving back higher. A break below it could change the trend back in the favor of ETC sellers.

Hourly MACD – The MACD is currently in the bullish zone, and signaling no trend change.

Hourly RSI – The RSI is heading towards the 50 level, pointing that price is approaching support.

Major Support Level – 0.00195BTC

Major Resistance Level – 0.00204BTC

 

Charts courtesy – SimpleFX

Disclaimer: The information contained herein is not guaranteed, does not purport to be comprehensive and is strictly for information purposes only. It should not be regarded as investment/trading advice. All the information is believed to come from reliable sources. NewsBTC does not warrant the accuracy, correctness, or completeness of information in its analysis and therefore will not be liable for any loss incurred.

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