Ethereum Classic Price Technical Analysis – ETC Continues To Consolidate

Key Highlights

  • Ethereum classic price after a decline against Bitcoin started to consolidate above a major support of 0.0020BTC.
  • Yesterday’s highlighted bearish trend line on the hourly chart of ETC/BTC (data feed via Simplefx) is still in play and acting as a resistance.
  • There is a minor chance of a recovery in ETC/BTC if the price continues to consolidate above 0.0020BTC.

Ethereum classic price started to trade in a range above a support area versus Bitcoin. Can buyers gain strength for a recovery?

Ethereum Classic Price Support

Ethereum classic price yesterday moved down and traded towards 0.0020BTC versus Bitcoin where buyers appeared. There was a false spike below the stated level, which should not be considered as the price recovered well. The price is now back above the 0.0020BTC support and trading in a range. There was a test of the 23.6% Fib retracement level of the last drop from the 0.00250BTC high to 0.0020BTC low. However, there was no break above it.

The most important point is that yesterday’s highlighted bearish trend line on the hourly chart of ETC/BTC (data feed via Simplefx) is still in play. It is acting as a resistance and preventing an upside move. It holds a lot of significance

Read more ... source: NewsBTC USA

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