Ethereum Classic Price Technical Analysis – ETC Just Formed Bottom

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Key Highlights

  • Ethereum classic price after forming a bottom near 0.00182BTC against the Bitcoin jumped higher.
  • There was a sharp move higher, as the ETC/BTC pair broke yesterday’s highlighted bearish trend line on the hourly chart (data feed via Simplefx).
  • The price is above the 100 hourly simple moving average, which is good for ETC buyers.

Ethereum classic made a nice move higher versus Bitcoin, and it looks like ETC/BTC is positioned for more gains in the short term.

Ethereum Classic Price Break

Ethereum classic price was bid aggressively around the last swing low of 0.00182BTC against the Bitcoin. The ETC buyers fought hard in preventing the downside break and pushed the price higher. There was a break above yesterday’s highlighted bearish trend line on the hourly chart of ETC/BTC (data feed via Simplefx). The price also managed to move above the 23.6% Fib retracement level of the last drop from the 0.00219BTC high to 0.00182BTC low.

Last, but not the least, the price also cleared the 100 hourly simple moving average. So, it looks like the ETC buyers won a major battle. The main point to note from the hourly chart is the fact that the price likely made a double bottom pattern at

Read more ... source: NewsBTC USA

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