- ETC price has surged significantly as a reaction to Bitcoin price movement. However, it may return to its horizontal channel.
ETC price movement in Wednesday’s session is comparable to that of the leading cryptocurrency -Bitcoin. The latter entity is up by 6.57% to trade at $54,884.55. Earlier on, it was at its highest level since mid-May at $55,478.08.
Various altcoins have followed a similar trajectory, as has been the case in the past. For instance, Bitcoin Cash has surged from an intraday low of $561.95 to the current $619.80. Ethereum and Ripple are some of the other cryptocurrencies that have rallied significantly in Wednesday’s session. The price movements exhibit a shift in risk sentiment. The crypto fear & greed index is at a greed level of 59 compared to last week’s extreme fear of 25.
ETC price prediction
Ethereum Classic is trading at its highest level since mid-September. Earlier in Wednesday’s session, the crypto rose to 56.01 before pulling back. At the time of writing, it was up by 2.09% at 55.49.
Since the beginning of the month, it has surged by 18.94%. It has been trading within a range of between 50.40 and 55.21 since earlier in the month.
On a two-hour chart, ETC price is trading above the 25 and 50-day exponential moving averages. Both the fundamentals and technical point to further gains. However, one cannot dismiss the heightened volatility that characterizes the crypto market.
In the short term, I expect ETC price to hover around the psychological level of 55.00. if it pulls back further, the support level will likely be along the 25-day EMA at 53.37. On the upside, the bulls’ next target will be at the resistance level of 57.50.
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