- Summary:
- ETC price has bounced off the support level of $55 in an effort to retest October's high. Bulls will need to clear past 57.50 and 59.
ETC price is holding steady above the support zone of $55 for the second session in a row. Despite the volatility that is typical of the crypto market, it has remained above the crucial level of $50 since the beginning of the month. According to CoinMarketCap, its market cap and trading volume is up by 0.54% and 35.65% respectively.
ETC price prediction
Ethereum Classic has bounced off the support zone of 55 after dropping from an intraday high of 60 in the previous session. Notably, 55 has been a major resistance level for the altcoin since the beginning of October. At the same time, it has managed to hold steady above the psychological level of 50 since surging past it on 1st October.
At the time of writing, ETC price was up by 1.66% at 56.16. On a three-hour chart, it is trading above the 25 and 50-day exponential moving averages.
While the altcoin may be subject to heightened volatility in the ensuing sessions, I expect it to remain above the crucial support level of 50. A pullback from it current level may have it retest 55 before bouncing back. Past that zone, the support level to look out for will be 52.50.
On the flip side, it may rebound to the upper level of 57.50 as the bulls strive to retest Thursday’s high over the weekend. To hit October’s high, there will need to be enough momentum to push ETC price past the resistance levels of 57.50 and 59.
