ETC price is trading within a tight range while the bulls lack enough momentum to push it past the crucial support-turn-resistance level of $60. Following the massive crypto selloff on Tuesday, the bullish sentiment that drove the market over the past month has dwindled.
Ethereum Classic price is largely reacting to the shift in market sentiment. The crypto fear and greed index has moved to the fear side of the spectrum at its current reading of 45. In the previous session, it was at a neutral of 47 compared to last week’s greed of 74. In the ensuing sessions, investors will be looking for technical cues on whether the crypto market is on a correction or if the bull run has ended.
ETC Price Prediction
Ethereum Classic is hovering below 60 after its unsuccessful attempt to bounce back above that level earlier on Thursday. Notably, the psychological level as been a crucial support zone for the altcoin since early August.
After Tuesday’s crypto selloff, ETC price has since bounced off the one-month low of 50.01. At the time of writing, it was up by 0.58% at 59.19. On a two-hour chart, it is trading below the 25 and 50-day exponential moving averages; pointing to curbed gains in the short term.
The altcoin will likely trade within a tight range of between Thursday’s intraday low of 57.82 and along the 25-day EMA at 61.01. A bearish breakout from that horizontal channel will probably place the support level at 56.