Ethereum Classic Price Technical Analysis – ETC Remains Supported

Key Highlights

  • Ethereum classic price after moving higher versus Bitcoin corrected a few points lower.
  • There is a bullish trend line formed on the hourly chart of ETC/BTC (data feed via Simplefx), which can be seen as a buying area.
  • The pair is also the 100 hourly simple moving average, which is a positive sign for buyers.

Ethereum classic price managed to climb higher versus Bitcoin, and it looks like the ETC/BTC pair remains supported on the downside.

Ethereum Classic Price Trend Line

Ethereum classic price recently traded as high as 0.00248BTC against Bitcoin after the recent resistance break. The price is currently correcting lower and already traded below the 23.6% Fib retracement level of the last wave from the 0.00214BTC low to 0.00248BTC high. However, the price found support on the downside around a major confluence area.

The highlighted confluence area comprised of a couple of important things. First, there was a major bullish trend line formed on the hourly chart of ETC/BTC (data feed via Simplefx). Second, the 100 hourly simple moving average was positioned near it. Lastly, the 50% Fib retracement level of the last wave from the 0.00214BTC low to 0.00248BTC high also provided support. So, we can say that there is a crucial support on the downside, which may continue to act as a barrier for sellers.

Ethereum Classic Price Technical AnalysisEthereum Classic Price Technical Analysis

As long as the price is above it, there is a chance of an upside move. The price could test the recent high of 0.00248BTC and may even break the stated level for a new weekly high. Only a break and close below the 100 hourly SMA may negate the current bullish view.

Hourly MACD – The MACD is currently in the bullish zone, but slowly losing grip.

Hourly RSI – The RSI is just above the 50 level, which is a positive sign for the ETC buyers.

Major Support Level – 0.00220BTC

Major Resistance Level – 0.00248BTC

 

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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