- 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 is also around the same level. Not but not the least, the 100 hourly simple moving average is also positioned at the same level.
So, there is a crucial resistance formed near 0.00208BTC. The pair may face offers near it. One may even consider selling in the short term with a stop above the 100 hourly SMA. A break above it could take the price towards 0.00214BTC.
Hourly MACD – The MACD is currently in the bearish zone, but showing signs of a slope change.
Hourly RSI – The RSI just moved above the 50 level, which is positive sign in the short term.
Major Support Level – 0.00198BTC
Major Resistance Level – 0.00208BTC
Charts courtesy – SimpleFX
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