- Ethereum Classic tries to trade above $28 but comes under pressure from profit taking.
- ETC price could face continued headwinds as traders pull out.
- Despite holding more upside potential, expect difficulties as major pairs rally higher while altcoins lag behind.
Ethereum Classic (ETC) price is still seeing positive numbers on Tuesday – for the second day in a row – and arguing for a positive return for the week. That is as far as the good news goes, as bigger currency pairs such as EUR/USD or GBP/USD are rallying on the back of a wave of risk-on alongside equities, whilst traders have sidelined alt-currencies like ETC, and are only looking for an easy profit in very liquid and common assets.
ETC price holds small gains with big ifs
Ethereum Classic price is shy of printing 3% of gains for this trading week as a second profitable day is evolving towards the US close. Gains are limited compared to mainstream assets. . This could well be because traders are focused on liquid assets in order to make it much easier for them to move out again once the tide turns back to risk-off.
ETC is a less known derivative and is less liquid compared to trading futures in equities, the eurodollar or cable. Expect ETC price to fade under some profit-taking as traders in the rally start to get the narrative. The risk could be that the fade broadens and turns into a small drop back to the opening price from Monday, at around $26.56, as price action gets underpinned by $26.
ETC/USD Daily chart
Risk to the downside could come from the earlier mentioned fade turning into a sell-off and revisiting $26. Either that or the rally could get another stretch higher but would undergo a firm rejection against the 200-day Simple Moving Average (SMA) around $30 and next see a deepened fall below $26 – possibly then tanking to $22, with the monthly S1 and the low of mid-August coming into play. Either way, any upside potential will be met with heavy selling from bears trying to get in for the next leg lower.
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.
Recommended Content
Editors’ Picks
Bitcoin price could retrace to $42,000 if US Nonfarm Payroll comes in at 180,000
Bitcoin price just like other assets, is highly impacted by the macro-financial developments. This includes the Nonfarm Payrolls (NFP) report released by the Bureau of Labor Statistics (BLS) of the United States. This time around, the NFP data is expected to cause a dip in the value of BTC.
Ripple is now only 3% away from becoming a bigger entity than Binance Coin
Ripple has overcome a lot of obstacles on its way to becoming the world’s fifth-largest cryptocurrency, as witnessed by the recent rise in XRP price. The native token of the world’s biggest crypto exchange, Binance Coin, on the other hand, has been moving in the opposite direction.
Ethereum leads altcoins north as Bitcoin halts amid bull trap fears
Ethereum (ETH) price remains northbound, unrelenting despite the king of cryptocurrency, Bitcoin, showing weakness. Behavior analytics tool Santiment observes that Ether and altcoins are on a tear even as BTC momentum fades.
Top 3 Price Prediction Bitcoin, Ethereum, Ripple: BTC headstrong as Spot ETF talks reach technical stage
Bitcoin (BTC) price remains steadfast on the higher timeframe, amid news that spot BTC exchange-traded funds (ETF) discussions are now at the technical stage of approval. Specifically, talks with Spot BTC ETF issuers have advanced to key technical details, with Reuters indicating that it could signal a shift toward a potential approval.
Analyzing potential $30k corrections ahead of BTC ETF approval
Bitcoin has slowed down its 2023 bull rally as it approaches the $37,000 level. After three weeks of consolidating around this level, BTC shows no directional bias whatsoever. Some investors speculate this could be an upward-sloping accumulation that leads to a $40,000 rally.