Ethereum Classic Price Technical Analysis – Narrowing Range

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Key Highlights

  • Ethereum classic price continued to trade in a range versus Bitcoin, but approaching a break soon.
  • Yesterday’s minor bearish trend line on the hourly chart of ETC/BTC (data feed via Simplefx) is still in play and acting as a barrier.
  • The price needs to break either resistance or support for the next move going forward.

Ethereum classic price is currently trading in a range, which is contracting and may break soon for the next leg in ETC/BTC.

Ethereum Classic Price Support

Ethereum classic price slowly and steadily moved inside a tiny range on the hourly chart versus the Bitcoin. I highlighted a contracting pattern yesterday on the on the hourly chart of ETC/BTC (data feed via Simplefx). It is formed with the help of a bearish trend line on the chart on the upside. On the downside, there is a major support at 0.00225BTC low.

So, the trend line is acting as a resistance, and the mentioned level is acting as a support. The price is trading between both and the range is narrowing. The highlighted bearish trend line may play a major role, as the 100 hourly simple moving average is also positioned near it. On the downside, the 61.8%

Read more ... source: NewsBTC USA

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