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Ethereum Classic (ETC) Sees Over 7% Gains Amidst Crypto Market Recovery

Ethereum Classic (ETC) is currently trading at $19.65, an increase from its previous price. The crypto, presently ranked at number 23 on CoinMarketCap, shows signs of life. The 24-hour trading volume of the token stands at $332,995,651.

The 24-hour low of ETC stands at $18.20, while the high was at $20.15. The market capitalization of Ethereum Classic also gained above 8% and is currently valued at $2,704,849,374.

The crypto market, in general, has been on a downward trend. This week has been more positive, with some tokens rallying positively.

Traders are still uncertain about the actual direction of the market and if support levels will finally outperform resistance. Institutional traders are increasing their crypto holdings with the long term in view.

Currently, trust in cryptocurrencies hit an all-time low with the unraveling of FTX. However, some traders are consolidating positions and buying the dip.

Macroeconomic factors are mostly responsible for the price movement noted in cryptocurrencies. Ethereum Classic is rising due to traders’ optimism about the token’s value.

Built from an Ethereum hard fork, the wide adoption of the parent blockchain has also helped the project. However, Ethereum itself is currently undergoing a bearish phase. The proof of stake migration has not significantly impacted the price of ETH, since it has continued to dip.

Ethereum Classic, on the other hand, has no plans to switch to proof of stake and is still being mined. The motivation of profit by miners has helped its cause even in the prolonged bear market of 2022.

The announcement by the president of El Salvador, Nayib Bukele, to purchase 1BTC a day also helped the market to rally.
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Ethereum classic, despite its rally, will encounter resistance at the $21.7 and $26.5 levels if it goes on a bullish run. The support levels of the crypto asset stand at $15.9; if it breaches it, the coin will plummet further to the $13.2 level.

The macD shows signs of tentative price movement; this means the positive momentum noted in the asset; might not be sustained.

The formation of a golden cross is present on this chart, with the 50-day MA crossing the 100-day MA. This implies that a bullish run is to be expected in the short term for the Ethereum classic.

Market forces and investor sentiments will also play a major role in the short-term price movement. Individuals are adjusting their investment portfolios, with fear and panic commonplace in the market.

With the current price trend, it is not likely that the Ethereum Classic will return to its all-time high of $176.16 anytime soon. Crypto analysts believe that Ethereum classic will recover from the slump in the coming months.

Despite its close affiliations with Ethereum, the price correlation between the two assets has barely existed.

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Ethereum Classic: How long should you continue HODLing during this crypto winter

Ethereum Classic [ETC] sellers inflicted a relatively unhindered bearish pull over the past three months. The ongoing surge in selling pressure led the price to dip toward its vital support zone in the $21-$22 range.

The bearish pullbacks positioned ETC in a south-looking channel while keeping the long-term recovery hopes alive. However, the near-term market structure formulated a rather conducive environment for the sellers.

At press time, the alt traded at $20.41, down by 11.23% in the last 24 hours.

ETC’s decline phase kept snowballing after marking consistent reversals from the upper trendline of its descending channel (yellow). For over three months, the buyers have exhibited their willingness to bounce back from the $21.1 support mark.

A close below this mark could likely open doorways for an accelerated decline toward the lower trendline of the down channel.

Although ETC lost over half its value in its current patterned oscillation, the altcoin did not mark a substantially volatile phase on the daily chart. As a result, the price action kept strolling near the 20/50 EMA.

Going forward, a sustained close below the $21-mark level can position the coin for an immediate downside in the coming sessions. This decline would pull ETC toward its less liquidity range, as evidenced by the visible range profile.

Any decline below the boundary of the current pattern would hint at a one-sided bearish edge. The first major support level, in this case, would lie in the $16.5 region, followed by the $13.75 baseline.

If the broader sentiment marks any improvements, ETC buyers could enter into an accumulation phase. In these circumstances, the buyers could continue facing barriers near the upper trendline of the down channel in the $26-$27 range.

The Chaikin Money Flow (CMF) and On-Balance-Volume (OBV) marked a streak of higher troughs over the last few days while bullishly diverging with the price action. But the CMF still needed to find a convincing close above the zero mark to affirm a buying edge.

While the price action has been on a consistent slump since mid-August, ETC’s social dominance revealed mixed signals. Empirically, ETC has exhibited a relatively high correlation to this metric on a daily basis.

The long-term price plunge entailed a decline in social dominance as well. But ETC marked a substantial peak in its dominance during the first week of November. The price action is yet to react to this spike. Nonetheless, the metric also marked a plunge over the past day.

Buyers should keep a close eye on Bitcoin’s movement to gauge any improvement potential on this metric. More importantly, the broader market sentiment and other on-chain developments could be vital in influencing future movements.

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Ethereum Classic: Forecasting ETC’s potential to revive from this support level

Ethereum Classic [ETC] broke out from its long-term falling wedge to depict an ease in selling pressure over the past week. However, the altcoin’s Open Interest in the last 24 hours across all the exchanges highlighted an edge for sellers.

After a relatively bright week for the bulls, buyers ramped up their efforts by pushing Ethereum Classic [ETC] toward the 200 EMA (green) resistance.

The selling re-emergence from this barrier pulled the altcoin below the four-hour 20 EMA to reveal a near-term ease in buying power.

The altcoin’s reversal from the $25.57-mark induced a string of red candles that highlighted an increased bearish edge. The alt could enter a potential squeeze in the coming sessions. At press time, the altcoin was trading at $24.25, down by nearly 3.86% in the last 24 hours.

ETC declined by over 47% after rebounding from the $39-ceiling in mid-September. As a result, it hit its two-month low on 13 October.

Over the last few days, ETC broke into high volatility after jumping from the $21-zone support range. This buying comeback helped the bears find a close below the 20/50 EMA in the four-hour timeframe.

Meanwhile, the gap between the 20 EMA (red) and the 50 EMA (cyan) undertook a bullish crossover to depict a near-term bullish edge.

From now on, the altcoin could find immediate support in the $23-$24 range in the coming times. In this case, any rebound could see a bounce-back toward the $26 zone. Any bearish crossover on the 20/50 EMA could hamper the chances of a strong rebound.

Should the broader sentiment reignite the bullish vigor, the altcoin would likely see an immediate retest of the $26 ceiling. A close above this resistance range would confirm a robust shift in the near-term momentum in favor of buyers.

An analysis of the funding rates revealed a rather increasing edge for the buyers over the last few days.

These rates strived to hover in the positive zone as they continued their uptrend. Any close above the zero mark would confirm the buying edge. This edge could aid the bulls in protecting the immediate support on the charts.

But the Open Interest across all exchanges over the last 24 hours decreased by over 6% over the past day. The corresponding decrease in the price action highlighted an advantage for the bears.

Finally, broader market sentiment and on-chain developments would be vital in influencing future movements.