Ethereum Classic Price Technical Analysis – ETC Remains Supported

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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


Read more ... source: NewsBTC USA

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