Ethereum Classic Price Technical Analysis – ETC Narrowing Range

Key Highlights

  • Ethereum classic price remained in a tight range versus the Bitcoin with almost no major move.
  • There is a tiny bearish trend line formed on the hourly chart of ETC/BTC (data feed via Simplefx), which is currently acting as a resistance.
  • The best part is the fact that the ETC bulls are still able to hold the 0.00182BTC support.

Ethereum classic price remained above the 0.00182BTC support area against Bitcoin, which exposes it for a break moving ahead.

Ethereum Classic Price Break

Ethereum classic price is like do not want to make any move. It remained above a major support area of 0.00182BTC against Bitcoin. There was no downside break, and there was no upside move. It looks like ETC price is mostly trading in a range, and we may continue to see tiny swing moves. As long as the price is above the 0.00182BTC support, there is a chance of a small upside move.

On the upside, there is a tiny bearish trend line formed on the hourly chart of ETC/BTC (data feed via Simplefx). It can be seen as an initial resistance along with the 23.6% Fib retracement level of the drop from the 0.00194BTC high to 0.00182BTC low. The price is currently trading near it, and attempting to move above it. A break above it may put the price for a test of the 100 hourly simple moving average.

Ethereum Classic Price Technical AnalysisEthereum Classic Price Technical Analysis

If there is a move above the 100 hourly SMA, then the last swing high of 0.00194BTC may be tested again. On the downside, as I have stated many times, the 0.00182BTC support holds the key.

Hourly MACD – The MACD is currently in the bullish zone, but there is hardly any momentum.

Hourly RSI – The RSI is currently below the 50 level, and it looks like the ETC bulls are attempting to make a move.

Major Support Level – 0.00182BTC

Major Resistance Level – 0.00188BTC

 

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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