Ethereum Classic price analysis: ETC/USD drops over 8% on the day, but bulls find balance above $12.50

  • Ethereum Classic price went up over 20% yesterday but bears sort for equilibrium on Wednesday.
  • Indicators signal that the path of least resistance is to the downside, support above $12.5 could continue to hold in the near-term.

Ethereum price was among the best performing asset in a bleeding market jumping over 20% in a single day. However, the support seems to have fizzled out and the bears sort for equilibrium. It is currently trading at $13.6 after testing the support at $13.5 -$12.5. Significantly, there is a bullish trend in the contracting triangle pattern.

The bears are seeking to gain control of the price especially after they were battered during the session on Tuesday. The gap between the 50 SMA and the 100 SMA is widening signaling for more selling entries in the near term. On the other hand, the Stochastic is pointing downwards but still in the overbought levels.

The bullish trendline will support the price slightly above the stronger support at $13.0 - $12.50. The crypto’s trading volume increase more than five times on Tuesday from $128,249,000 to $686,019,000. Its market capitalization also went a notch higher from $1,290,440,000 to $1,321,350,000.

ETC/USD 15' chart

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