In a worldwide risk off-market this morning, the price of Ethereum Classic is under pressure.
Despite other cryptos heading to the downside, ETC appears to be coming out of this day with its fundamentals tucked to the upside.
A buy-opportunity appears to be developing, with a profit target of $56.00.
The price of Ethereum Classic appears to be withstanding recent market selling pressure, and there may even be a purchasing chance for greater gain.
Much has already been written on the price movement markets experienced this weekend in cryptocurrencies, which saw a lot of upside. However, all gains were coupled on Monday, with some cryptocurrencies even extending their advances with losses, only to pair again on Tuesday.
The Fed is the driving force behind the present bearish price action. The markets were surprised by a few surprises in the monthly report released following the Fed meeting, which precedes the formal public rate announcement. Safe havens like gold and the Swiss franc experienced volume inflows as equity indices fell.
The price of Ethereum Classic has also been slashed, falling from $53 to $48. But anyone who looks beyond the headlines will notice that nothing has really changed, and the Fed will continue to be accommodative. So it’ll only be a matter of time before ETC returns to risk-on mode.
Daily chart of ETC/USD
The price of Ethereum Classic is still in a triangle pattern, and the downside baseline has yet to be challenged. The $48.36 level of support, which was crucial on June 24 and April 16, is holding.
It will now be necessary to reclaim the 55-day Simple Moving Average (SMA), which is now acting as a short-term ceiling. In the short term, the monthly pivot at $56 is set up as a profit-taking level.
Should market sentiment deteriorate more, watch for the triangle’s baseline to hold around $48.33, while Ethereum Classic’s price has $45.72 set up as intermediate support./n
