- Ethereum Classic reversed Tuesday gains in a twinkling of an eye.
- More downside in store if $13.00 is broken.
Ethereum Classiс skyrocketed on Tuesday on the announcement that Coinbase is about to add support for the coin. However, the upside momentum proved to be unsustainable as ETC has lost the best part of the gains. ETC/USD is changing hands at $13.30, down 15% on daily basis. The coin has lost nearly 9% since the start of the day amid strong bearish momentum.
On the intraday level, ETC/USD technical picture looks gloomy as the price slipped below all MAs on both 30-min and hourly charts. The local support is created by $13.00-$12.90 area, that’s where the buyers might get back into the game and stop the massacre Otherwise the downside will gain momentum and take the price to 12.00 (June 10 low), negating all the recent gains.
On the upside, a movement above $14.00-14.20 area is a must, if we want to see a sustainable recovery. 50 and 100-SMA (hourly chart) clustered around that area will make it harder for the coin to gain the upside momentum. Once it is cleared, $15.00 will come into focus.
ETC/USD, the hourly chart