ethereum classic (ETC/USD) buyers defended the $23 support after the price dipped briefly below $23. The price has stabilized just above the support after recovering more than 8% over the last 24 hours. But can cryptocurrencies sustain further recovery?
Macro developments and Ethereum Classic’s own fundamentals could be key factors influencing the price. On the former, there is a lot of uncertainty about the Fed’s actions due to rising inflation. A spike in inflation was responsible for his ETC drop on Thursday. The consumer price index is expected to remain prickly, at least for the foreseeable future. The Federal Reserve is expected to act quickly to curb rising inflation.
There has been little positive development regarding the fundamentals of Ethereum Classic itself. ETC’s previous profits centered on Ethereum’s move to a proof-of-state consensus mechanism. Merge was expected to attract proof of work miners to Ethereum Classic.ethereum classic is hash rate After merging. Nevertheless, the hype around the shift has since subsided. ETC maintains its downtrend, but recovery remains possible.
Ethereum Classic Fights $23 Support
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Technically, this is a mixed scenario for Ethereum Classic. The cryptocurrency is currently at $23 support. The good news for buyers is that a bullish pinbar has formed with support, reigniting hopes of a price recovery.
Conversely, ETC sellers will appreciate the current weakness experienced in support. The MACD indicator recently started a bearish crossover and remains in the bearish zone. The bearish view has intensified as the moving averages have broken out above the current price.
Should I buy ETC?
Although we are optimistic about ETC’s resurgence after the bullish pinbar, the price could still fall below $23. All technical indicators are showing bearish and/or weak momentum. Consider buying after further bullish price action pointers.