(Akash Girimath – FXStreet)
– Ethereum Classic price has been consolidating between the $30 to $45 range for more than two months.
– A minor rally to retest the $32.15 hurdle seems plausible, but a move beyond seems unlikely.
– A flip of the $32.15 barrier will invalidate the bearish thesis and result in a potential jump to to $39.
Ethereum Classic price has seen a massive rejection at crucial points, leading to a steep correction. The recent breakdown of another stable support indicates that a further downswing seems likely.
Ethereum Classic price ready for another collapse
Ethereum Classic price is currently hovering below $29.40, which is the midpoint of the $13.33 to $45.47 range. This development for ETC comes after a 41% sell-off between August 13 and September 21, which has pushed the altcoin from $45.82 to a swing low of $26.73.
Now, Ethereum Classic price faces a decision as it tags the $29.40 barrier, flip it and attempt another leg-up or face rejection and drop lower. From a price action standpoint, ETC could dip a little lower before heading into the oversold territory.
However, this downtrend will arrive after a minor run-up to retest the $32.15 hurdle. Failure to overcome this hurdle could result in a sell-off to $25.54, which is the 62% Fibonacci retracement level or the 76.4% variant at $22.81.
This move would constitute a 30% downswing and is likely where the downside is capped for Ethereum Classic price in the short term.
On the other hand, if Ethereum Classic price fails to sustain its bearish pressure, it could result in a bullish takeover. If ETC produces a daily candlestick close above $32.15, it will invalidate the bearish thesis and potentially kick-start a run-up to $39.02.
Note:
The video attached below talks about Bitcoin price and its potential outlook, which could influence Ethereum Classic price.
European stock exchange to list Bitcoin carbon neutral ETP
(Cointelegraph Team)
A subsidiary of DeFi Technologies, Valour, will debut its new Carbon Neutral Bitcoin Exchange Traded Product (ETP) on the Frankfurt Stock Exchange. Trading of the ETP begins on Sept. 23.
The company positions its ETP as a “sustainable and climate-friendly” exposure to Bitcoin with a management fee of 1.49%. The alignment with global environmental goals and Environmental, Social and Corporate Governance (ESG) is reportedly achieved through funding certified carbon removal and offset initiatives to neutralize the associated BTC carbon footprint.
To structure the ETP, Valour partnered with Patch — a platform that provides climate action infrastructure and has previously worked with Andreessen Horowitz and other notable institutional investors. The announcement states:
“All carbon emissions linked to the investment will be automatically targeted to achieve carbon neutral output using Patch’s API-based solution, which takes into account various inputs, such as the efficiency of mining equipment, distribution of hash power, and nation level carbon emission data, to estimate the amount of carbon emissions the Valour portfolio has.”
Patch will be responsible for selecting the projects upon based on their environmental integrity. These criteria will include “additionality, real and verifiable permanence, and negativity.”
Valour’s existing soffering of ETPs includes Valour Binance (BNB), Valour Uniswap (UNI), Cardano (ADA), Polkadot (DOT), Solana (SOL), Avalanche (AVAX), Cosmos (ATOM) and Enjin (ENJ). In March 2022, the company reported that it has reached $274.2 million in assets under management.
Despite crypto markets tanking this year, the interest in crypto-related financial products isn’t fading. In July, Swiss crypto investment firm 21Shares launched two new ETPs offering investors exposure to the largest cryptocurrencies — Bitcoin (BTC) and Ether (ETH) — while aiming to soften volatility via rebalancing assets to the United States dollar.
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