Ethereum Classic price analysis: ETC/USD is up 8%, but speculative interest fizzling out

Ethereum Classic is not a crypto outsider anymore; it's the best performer of the day. ETC/USD has already gained nearly 8% on the day without an obvious fundamental reason readily available for such a metamorphose. On Wednesday the Ethereum Classic price touched $20.34 - the lowest level since February 8 and retraced towards $.23.00 since then. 

While the price spike coincided with the rise of trading volumes, the speculative nature of the movement implies that it won't be long before ETC/USD resumes the downside. 

Looking technically, ETC/USD has found short-term resistance produced by hourly 50-SMA at $24.70. Being unable to push higher, the coin retraced towards $23.00. Further upside looks questionable unless ETC/USD manages to go beyond the above 50% Fibonacci retracement level at $24.00 and the above mentioned hourly 50-SMA.

On the downside, the buying interest may emerge on approach to $20.00. A move below will open up the way to 61.8% Fibonacci at $18.54.

ETC/USD, the hourly chart