Ethereum Classic Price Technical Analysis – More Upsides Possible In ETC?

Key Highlights

  • Ethereum classic price after trading as high as 0.00254BTC versus Bitcoin started a correction.
  • The correction is likely over, as the price broke a minor bearish trend line on the hourly chart of ETC/BTC (data feed via Simplefx).
  • The pair may gain bids on the downside since it is above the 100 hourly simple moving average.

Ethereum classic price recovered after testing 0.0021BTC versus Bitcoin and currently positioning for more gains in the near term.

Ethereum Classic Price Break

Ethereum classic price after gaining pace towards 0.00250BTC corrected lower against Bitcoin. It traded as low as 0.00214BTC where it found buyers and started moving higher once again. The upside move was positive, as the ETC/BTC pair broke a couple of key resistance levels. First, the price broke the 23.6% Fib retracement level of the last decline from the 0.00250BTC high to 0.0021BTC low.

Second, the price cleared the 100 hourly simple moving average. Third, the ETC buyers also managed to break a minor bearish trend line on the hourly chart of ETC/BTC (data feed via Simplefx). So, the recent trend like break looks positive. The upside move stopped near the 61.8% Fib retracement level of the last decline from the 0.00250BTC high to



Read more ... source: NewsBTC USA

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