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

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.

Cryptos feed

Latest Crypto News & Analysis

Editors’ Picks

BTC/USD may retest SMA200 weekly if $6,500 is not retaken any time soon.

BTC/USD is hovering around $6,300, down 1% on a day-to-day basis. The first digital coin has been moving within a short-term bearish trend amid expanding volatility.

More Bitcoin News

Ripple Price Prediction: XRP/USD short-term bulls aim at $1780

Ripple (XRP) has been range-bound recently. The third-largest coin settled above $0.1700, which is a good signal, but the further upside seems to be limited so far.

More Ripple News

ETH/USD locked in a range; short-term recovery capped by $134.40

ETH/USD is changing hands at $132.00, mostly unchanged both on a day-to-day basis and since the beginning of Wednesday. The second-largest digital asset has been moving within a short-term bearish trend amid high volatility. 

More Ethereum News

Triangle pattern breakout hints BCH/USD rally beyond $250

Bitcoin Cash price if dealing with increased selling activity on Wednesday just like the other major cryptocurrencies. BCH/USD is down 1.33% on the day while the price hovers above the initial short term support at $214.

More Bitcoin Cash News

BEST CRYPTO BROKERS/EXCHANGES

Bitcoin Weekly Forecast: Coronavirus will either kill Bitcoin or make it stronger

Bitcoin is about to finish the second positive week in a row. The first digital coin has recovered from $5,680 and came close to psychological $7,000 during the week.

Read the weekly forecast

BTC

ETH

XRP