Ethereum Classic price analysis: ETC/USD support level at $15.25 is strengthening, a boost is required for upside gains to hold

  • Ethereum Classic falls 2.7% in the last 24 hours while it has accrued 21% losses in 7 days.
  • Momentum indicators show that the path of least resistance is to the south.

Ethereum Classic is trading double tops mid-week as the price maintains the support above $15.25 level. The price is lacking a boost to sustain the upside gains that have been capped below $17.00 in the last two days. Ethereum Classic is down 2.7% in the last 24 hours and 21% in the last 7 days.

ETC/USD is currently exchanging hands below the 50 Simple Moving Average which is acting as a resistance to the price in the upside direction on the 15 minutes intraday timeframe chart. The 100 Simple Moving Average has just crossed below the 50 SMA to show that the path of least resistance is to the south. Besides, the MACD momentum indicator is moving towards the negative territory to signal that the bearish momentum could still persist.

However, the above moving averages meet at $16.17 to show that in the near-term ETC/USD will consolidate above $16.00. The buyers are yearning for a boost to push up the bullish momentum that is forming around $15.90. The short-term support for Ethereum Classic is at $15.75. If the bears increase their grip and the price dips below this level, the next stop will be the previous support at $15.25.

ETC/USD 15 minutes intraday chart

 

 

 

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