2021-07-08 15:09:51

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

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.

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