Ethereum Classic Price Technical Analysis – ETC/BTC Short-Term Correction

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Key Highlights

  • Ethereum classic price after creating another low against the Bitcoin at 0.00091BTC started correcting higher.
  • There was a bearish trend line formed on the hourly chart (data feed via Simplefx) of ETC/BTC, which was broken to start a short-term correction.
  • The price during the upside move stopped at 0.00100BTC, which acted as a resistance.

Ethereum classic price declined further versus the Bitcoin, and traded as low as 0.00091BTC before starting a short-term correction.

Ethereum Classic Price Resistance

ETC price traded further lower against the Bitcoin, moved below the last swing low of 0.00092BTC and traded at 0.00091BTC. The price then started a minor recovery and moved above the 23.6% Fib retracement level of the last drop from the 0.00111BTC high to 0.00091BTC low. The price even traded a bit higher, but the upside move found sellers near 0.00100BTC.

The stated level represents a major resistance, as it was a support earlier and now acting as a hurdle for an upside move. Moreover, the same level is positioned with the 38.2% Fib retracement level of the last drop from the 0.00111BTC high to 0.00091BTC low and the 100-hourly simple moving average. An important point was the fact that during the upside move, there was

Read more ... source: NewsBTC USA

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