Connect with us
Active Currencies 16189
Market Cap $3,580,133,552,267.70
Bitcoin Share 54.80%
24h Market Cap Change $-8.32
Analysis

Ethereum Classic bulls might just initiate another rally

2min Read

The bullish momentum behind Ethereum Classic began to falter over the past four days, but the retest of $17 could have revitalized the buyers.
Posted:
Avatar
Journalist
Ethereum Classic [ETC] bulls look to initiate another rally, can they succeed?
Avatar
Journalist
Posted:

Share this article

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

  • The bullish sentiment behind Bitcoin, if sustained, could aid ETC bulls.
  • The structure of Ethereum Classic was bearish but chances of a recovery were there.

From 21 June to 24 June, Ethereum Classic [ETC] posted gains measuring 26.6%. The price rallied from $15.59 to $19.74 and showed that the short-term trend was bullish for ETC. Yet the price action of the altcoin could hinge on the performance of Bitcoin [BTC].

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

Bitcoin surged from $26k to $31k over the past ten days as sentiment shifted bullish following the spot ETF applications from Blackrock. The most recent amended application came from ARK Invest – can this news bring another surge in BTC prices?

The Fibonacci retracement level has served as solid support for ETC

Ethereum Classic [ETC] bulls look to initiate another rally, can they succeed?

Source: ETC/USDT on TradingView

The breakout past the $15.55 resistance last week occurred on heightened trading volume. The Ethereum Classic’s move past $17 saw this volume increase massively. However, in the past four days the bullish momentum has begun to waver.

This showed that a pullback was around the corner. A set of Fibonacci retracement levels were plotted based on the rally. It showed the 50% and 61.8% retracement levels at $17.06 and $16.43. Hence, these are the short-term support levels ETC bulls can watch out for.

The RSI was at 48, showing neutral momentum. The CMF climbed past +0.05 to indicate rising capital flow into the ETC market. If Bitcoin can also climb back above the $31k mark, Ethereum Classic would likely follow. The 23.6% extension level at $21 presented a viable target. Meanwhile, invalidation would occur upon a drop below the $16.43 mark.

The spot CVD did not yet ascend despite the bounce in prices

Ethereum Classic [ETC] bulls look to initiate another rally, can they succeed?

Source: Coinalyze

On 28 June, roughly 20 hours before the time of writing, Ethereum Classic tested the 50% retracement level at 17.06. The prices have climbed higher since then. This was accompanied by a rise in the Open Interest as well.

How much are 1, 10, or 100 ETC worth today?

The OI rose by close to $5 million, indicating capital flow into the market and highlighted bullish short-term sentiment. Yet, overall, the OI remained in a downtrend over the past few days.

The spot CVD was also in a downtrend. If these metrics were flipped into an upward trend and ETC prices surged as well, it would be a strong sign of bullish intent.

 

Previous:
Next:

Share

Avatar
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.
Read the best crypto stories of the day in less than 5 minutes
Subscribe to get it daily in your inbox.
Please check the format of your first name and/or email address.

Thank you for subscribing to Unhashed.