Ethereum Classic Price Prediction: ETC support still looks solid despite risk-off dip

  • Ethereum Classic price is under pressure this morning in a global risk off-market.
  • ETC looks to come out of this day with fundamentals tucked to the upside despite other cryptos looking to the downside.
  • A buy-opportunity looks in the making with an upside of $56.00 as profit level.

Ethereum Classic price looks to be withstanding the selling pressure seen across the markets recently and even has a buying opportunity in the cards for more upside.

Ethereum Classic price doesn’t look as bad

Already a lot has been written on the price action markets saw this weekend in cryptocurrencies, wherein much upside was created. But on Monday, all gains were paired, and some cryptocurrencies even extended the moves with losses, only to pair back again on Tuesday. 

The catalyst for the current adverse price action is the Fed. The monthly report published after the Fed meeting that preludes the official public rate announcement held a few surprises for the markets. Equity indices dipped lower and safe havens like gold and the Swiss franc saw volume inflow. 

Ethereum Classic price has also been on the chopping block and dipped from $53 to $48. But who can read beyond the news and the headlines will see nothing has fundamentally changed, and the Fed will remain accommodative. So it is just a matter of time before ETC will switch back to risk-on.

ETC/USD daily chart
ETC/USD daily chart

Ethereum Classic price is still in a triangle play, and the baseline to the downside has not even been tested yet. Support at $48.36 is holding, which was important already on June 24 and April 16. 

It will be necessary now to get back above the 55-day Simple Moving Average (SMA), which is acting as a short-term cap for the moment. The monthly pivot coming in around $56 is set up as a profit-taking level in the short term.

Should market sentiment sour even more, look for the baseline of the triangle to hold around $48.33, and a bit lower Ethereum Classic price has $45.72 as intermediate support lined up.

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.

If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.

FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.

The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.

Cryptos feed

Latest Crypto News

Latest Crypto News & Analysis

Editors’ Picks

Omicron crypto surges over 200% after being named as new COVID-19 variant

While cryptocurrency prices retraced after the new coronavirus variant Omicron emerged earlier this week, the digital asset with the same name gained popularity and surged over 200%. The small-cap crypto describes itself as a decentralized reserve currency on the Abribtrum Network.

More Cryptocurrencies News

SafeMoon price dips into buy zone, hints at the start of an 80% bull run

SafeMoon price saw its uptrend face a massive blockade, triggering the start of a huge pullback. Due to the retest of a bullish zone, market participants can expect SAFEMOON to restart its bull rally. SafeMoon price rose 484% from its low at $0.00000104 to $0.00000609 in a month.

More SafeMoon news

Basic Attention Token bucks downtrend with explosive rally to new all-time high

Basic Attention Token has snubbed the crypto downtrend and hit a new all-time high above $1.90. Brave browser has crossed 42 million active users, and BAT token utility is on the rise. Analysts predict a rally in the token.

More Cryptocurrencies news

Vitalik Buterin announces Ethereum scaling roadmap using the Graph protocol

Ethereum co-founder Vitalik Buterin revealed a strategic roadmap to expand the available data space for rollups using Graph protocol. The token’s trade volume has increased, and analysts expect an upwards move in GRT price. 

More Ethereum news

Black Friday 2021 Discounts!

Do you want to take your trading skills to the next level? Now you have a chance of leaping forward at attractive introductory rates. For Black Friday, FXStreet is offering discounts of up to 50% on its upgraded Premium plans. 

Subscribe now!