- 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