Ethereum Classic Price Technical Analysis – ETC Bulls Are Back

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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

Read more ... source: NewsBTC USA

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