Disclaimer: The info offered doesn’t represent monetary, funding, buying and selling, or different varieties of recommendation and is solely the author’s opinion.
- ETC’s vary highs had been examined, however a breakout was not confirmed at press time.
- Market construction remained bullish.
Bitcoin [BTC] traded at $24.6k on the time of writing. It confronted robust resistance at $25.2k. Both a breakout and consolidation below resistance for Bitcoin will most likely current many altcoins with a bullish state of affairs. Ethereum Classic [ETC] can also be one coin that might surge if sentiment stayed bullish.
Read Ethereum Classic’s [ETC] Price Prediction 2023-24
However, from a value perspective, it was attainable that ETC would retrace a big portion of the positive factors it revamped the previous week. This was as a result of the $24 space has posed stiff resistance over the previous month.
The highs of a month-long vary had been examined as soon as extra
Since mid-January, Ethereum Classic has traded inside a spread between $20 – $24, with the mid-point at $22. The value has revered all three ranges in latest weeks. At press time, ETC traded at $23.5, near the vary highs at $24.
The RSI was at 61 and has climbed larger over the previous few days to indicate rising bullish momentum. The decrease timeframes, equivalent to one-hour, additionally confirmed a powerful bullish market construction. Hence, momentum and construction continued to favor the patrons. The OBV was additionally on an uptrend, to indicate that purchasing strain was regular and demand was current.
However, from a risk-to-reward standpoint, it was not possible to purchase ETC at $23.5. An H4 market construction break would happen on a drop under $22, the mid-range mark. On the opposite hand, since $24 is a major stage of resistance, quick sellers can await a chance.
Analysis of the one-hour and 30-minute timeframe charts confirmed that momentum was impartial. A transfer under $22.76 would break the market construction and flip it to bearish. Therefore, if ETC moved beneath $22.76 after which retested the $23-$24 space, quick sellers can look to open positions concentrating on the $20 help. Their stop-loss may be set close to $24.25.
On the opposite hand, a clear breakout previous $24.5 and a retest of $24 as help can supply a shopping for alternative.
Realistic or not, right here’s ETC’s market cap in BTC’s phrases
Open Interest confirmed bullish dominance has not waned
The one-hour chart confirmed rising Open Interest alongside the worth. This was a powerful indication of bullish sentiment within the futures market. Moreover, the funding fee was additionally optimistic. Hence, lengthy positions had been within the majority.
Taken along with the worth motion, the conclusion was that additional upside was possible. Yet, patrons have to be ready for a pointy downturn. If a transfer under $22.76 materializes, quick sellers on decrease timeframes can look to enter a commerce.