ETC price is rallying for the fourth consecutive session although it lacks enough bullish momentum to retest the resistance level of $60. The trend exhibited by this altcoin rubberstamps the correlation that exists between Bitcoin price and other cryptocurrencies.
Bitcoin, the leading crypto by market cap, has had its price rise by about 10.59% since Monday when it hit an intraday low of $43397.94. During the same timeframe, Ethereum price has surged by 15.68%. Ripple, Chainlink, and Uniswap are some of the other altcoins on a similar trajectory.
ETC price prediction
Ethereum Classic has extended its three-day rallying. Since Monday, the altcoin has surged by close to 10% from a low of 53.53. However, after declining from the resistance zone of 60 in the past week, the bulls have been unsuccessful at retesting the level.
At the time of writing, ETC price was down by 0.3% at 59.04. On a two-hour chart, it is trading slightly above the 25 and 50-day exponential moving averages.
In the immediate term, it will likely trade within a tight range of between the resistance level at 59.46 and the convergence point of the two EMAs at 57.57. From this perspective, the resistance level at 60 may remain evasive in the short term. On the flip side, ample bullish momentum may push ETC price past 60 to the upper resistance level of 61.52.