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ETC’s range formation reveals this as the bulls look to move forward

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ETC’s Cumulative Liquidation Levels Delta revealed which party among the bulls or bears stood to lose more in the event of an ETC price pivot over the next few days.

ETC could see a boost past $17, according to the liquidation levels data

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Disclaimer: The information presented does not constitute financial, investment, trading, or other types of advice and is solely the writer’s opinion.

  • Ethereum Classic favors a bullish bias in the coming days even as it flashed early signs of bearish momentum
  • The retest of the mid-range level would be critical in determining the direction of the next move

Ethereum Classic [ETC] traded within a range since late August. This range extended from $14.4 in the south to $17.2 in the north. At the time of writing, the mid-range mark was a key level where a pivot could occur.


Read Ethereum Classic’s [ETC] Price Prediction 2023-24


A technical analysis report of ETC by AMBCrypto highlighted the same range a week ago, except the price was close to the lows at that time. We witnessed a bounce as noted in the report, and traders could see another hike in prices.

A revisit to the $15.8 pocket could see the bulls regain their mojo

ETC could see a boost past $17, according to the liquidation levels data

Source: ETC/USDT on TradingView

The four-hour market structure was technically bearish, provided the reading was considerably aggressive. A more lenient approach showed that ETC needed a move below $15.68 to shift the structure bearishly.

The Relative Strength Index (RSI) was at 45 and its move below neutral 50 in recent hours was a sign of a potential shift in the direction of the market. Yet the On-Balance-Volume (OBV) did not fall by a notable distance.

Hence, the RSI’s signal could be premature. A buying opportunity was likely to arise at the $15.8 mark targeting the range high at $17.2. This idea would be invalidated if ETC prices fall below the $15.55-$15.5 region.

Data revealed short positions stand to lose massively in the event of a trend reversal

ETC could see a boost past $17, according to the liquidation levels data

Source: Hyblock

The Cumulative Liq Levels Delta was considerably red. It was a sign that short liquidations far outweighed long ones, hinting at a possible upward liquidity hunt. To the south, the $15.65 level had close to $2 million in long liquidations. Such a dip could convince more retail traders that ETC was primed for a large move to the range lows.


Realistic or not, here’s ETC’s market cap in BTC’s terms


Yet, given the Delta, a move northward would clear out much of the built-up liquidity around the $17 vicinity. There were multiple levels above $16 which would force long liquidations worth more than $1.5 million. A retest of the $16.8-$17.3 region could cause significant pain for bears who failed to book profits on the recent dip.

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Akashnath Sumukar works as a Senior Journalist at AMBCrypto. Based in Chennai, India, he has been an avid follower of the cryptocurrency market since Bitcoin’s boom and bust cycle of 2017. A graduate in Chemical Engineering, he is an expert in technical analysis. In fact, Akashnath has a particular interest in reading price charts and predicting how an asset will move over the short and long term. A self-taught trader and as someone who holds cryptos himself, he is always on the lookout for the next opportunity he can possibly capitalize on, while also educating his audience.
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