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.