- Ethereum classic price after creating a minor new low versus Bitcoin started to recover.
- There was a bearish trend line formed on the hourly chart of ETC/BTC (data feed via Simplefx), which was broken during the recent recovery.
- However, yesterday’s highlighted resistance area at 0.00208BTC is still in place.
Ethereum classic price broke a short-term resistance, but this break cannot be encouraging until ETC/BTC closes back above 0.00208BTC.
Ethereum Classic Price Recovery
Ethereum classic price after declining versus Bitcoin, formed a minor new low. The price traded as low as 0.00197BTC before it started a correction. During the recent correction phase there was a break above a couple of hurdles. First, the price cleared the 23.6% Fib retracement level of the last drop from the 0.00214BTC high to 0.00197BTC low. Second, the price also broke a bearish trend line formed on the hourly chart of ETC/BTC (data feed via Simplefx).
However, the upside move won’t be easy for the pair. The most important resistance is near 0.00208BTC. I also mentioned yesterday that the same level was a support earlier and now may act as a barrier. Moreover, the 50% Fib retracement level of the last drop from the 0.00214BTC high to 0.00197BTC low