Cryptocurrencies

ETC Price Prediction: Once a Crucial Support Level Now Evasive

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Written By: Faith Maina
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    Summary:
  • ETC price is back above $55 after plunging in the previous session. However, the prior support level of $60 may be evasive in the short term.

ETC price has rebounded past the support level of $55 while remaining significantly below the month’s high of $65.30. Notably, a similar trend is visible among other cryptocurrencies. Bitcoin, which often sets the path for altcoins, is down from the month’s high of $732.15 to its current price of $671.08. At the same time, Ethereum has bounce back from its intraday low of $4,463.45 after falling from a high of $4,869.14.

ETC price outlook

Ethereum Classic has bounced back above 55 after dropping below it in the previous session. On Wednesday, it dropped from an intraday high of 64.44 to a low of 52.38. After the 18.72% decline, the altcoin is now hovering along the resistance level at 57.19.

At the time of writing, ETC price was up by 0.21% at 56.94. On a two-hour chart, it is trading below the 25 and 50-day exponential moving averages.

Based on both the fundamentals and technical, the crypto will likely remain under pressure in the short term. From this perspective, it may remain within a tight range of between 54.77 and 57.19 in the immediate term.

With heightened bullish momentum, ETC price may rise further to find resistance along the 25-day EMA at 59.14 as 60 remains an evasive level in the ensuing sessions. On the flip side, a drop past the aforementioned channel’s lower border will likely place the support level at Wednesday’s low of 52.38.

ETC price

This post was last modified on Nov 11, 2021, 07:00 GMT 07:00

Written By: Faith Maina

Faith Maina is a financial analyst and economist. She holds a Bachelor’s Degree in Economics and is underway in her Master’s degree course. She has an expansive understanding of global markets and their drivers. Her specialities are currencies, crypto, commodities, and equities. She lives in Nairobi, Kenya with her husband and son.

Published by
Written By: Faith Maina