Ethereum Classic Price Technical Analysis – ETC Bulls Are Back

Key Highlights

  • Ethereum classic price after declining below 0.00150BTC versus the Bitcoin found support, and traded higher.
  • There was a bearish trend line on the hourly chart of ETC/BTC (data feed via Simplefx), which was cleared during the recent upside move.
  • There was a sharp upside move, taking the price above the 0.00180BTC level.

Ethereum classic price gained traction versus the Bitcoin, and posted a bullish break to put the ETC buyers back in action.

Ethereum Classic Price Upside Move

This past week we saw how Ethereum classic price was struggling. It was under a lot of bearish pressure, which took the price below the 0.00150BTC against the Bitcoin. However, the price later managed to recover, and posted good gains. There was a nice upside drift taking the price above 0.00180BTC. There was a new high formed at 0.00186BTC, as there was a break above a bearish trend line on the hourly chart of ETC/BTC (data feed via Simplefx. The price also closed above the 100 hourly simple moving average to encourage the bulls.

However, the bears appeared then and prevented any additional gains. The price corrected lower and traded below the 38.2% Fib retracement level of the wave from the 0.00148BTC low to 0.00186BTC high. The price also moved below the 100 hourly simple moving average, but later managed to find support near 0.00162BTC.

Ethereum Classic Price Technical AnalysisEthereum Classic Price Technical Analysis

The stated level also represents the 61.8% Fib retracement level of the wave from the 0.00148BTC low to 0.00186BTC high. So, there is a chance that the price may bounce back in the short term. It would be interesting to see whether the price challenges 0.00180BTC once again or not since it holds a lot of importance.

Hourly MACD – The MACD has moved into the bullish from the bearish zone.

Hourly RSI – The RSI is currently above the 50 level, which is a positive sign.

Major Support Level – 0.00160BTC

Major Resistance Level – 0.00180BTC

 

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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