ETC price is testing the stability of the support at the crucial level of $50 following crypto’s downward movement in Tuesday’s session. Cryptocurrencies, lead by Bitcoin, has plummeted despite greed being the key emotion driving the market. The crypto fear & greed index is at a greed level of 71. Granted, the figure is lower than the previous session’s 72 and last week’s extreme greed of 84.
If the index is anything to go by, Ethereum Classic will likely rebound to the $50 zone. However, its upside potential will likely remain limited in the short term.
Ethereum Classic is trading sideways after plummeting by 13.17% from Monday’s high of 56.78. Notably, it has dropped by 24.42% from the month’s high of 65.39.
ETC price is currently down by 9.91% at 49.34. On a two-hour chart, it is trading below the 25 and 50-day exponential moving averages; which points to further losses.
At its current level, the bulls are striving to defend the support at the psychological level of 50. The altcoin will likely bounce back to hover around the aforementioned support-turn-resistance zone. This means that its new range will be between 50.00 and 47.59.
Above that level, the resistance level will be at 52.38. On the flip side, a move below Tuesday’s intraday low of 47.59 will have the bears eyeing October’s low of 43.22.
This post was last modified on %s = human-readable time difference 10:54