ETC price has erased some of the week’s losses even as it remains on a downtrend. The trajectory followed by this altcoin is comparable to those of other cryptocurrencies. For instance, Bitcoin, which often sets the pace for altcoins, has remained below the crucial level of $50,000 even after bouncing off Monday’s low of $45,727.08. Altcoins like Bitcoin Cash and Ripple are on a similar path.
ETC price prediction
Ethereum Classic has remained on a downtrend since early November when it hit a two-month high at 65.31. In the current month, it has accelerated the decline after plunging below the prior support zone of 45.00.
At the time of writing, ETC price was down by 0.08% at 35.43. On a four-hour chart, it is trading below the 25 and 50-day exponential moving averages. Based on both the technicals and fundamentals, the altcoin will likely remain on a downward momentum in the short term.
In the ensuing sessions, the range between the week’s low at 33.59 and the 50-day EMA at 37.62 will be a crucial one for the cryptocurrency. A decline below the range’s lower border will probably have the bears retesting December’s low at 30.27.
On the flip side, a rebound past the 50-day EMA could place the resistance level at 40.40. Nonetheless, there would need to be enough bullish momentum to push ETC price past the crucial support zone of 45.00 for a trend reversal to occur.