The cost of Ethereum Classic (ETC) has climbed noticeably due to an overall market upswing. This increase suggests that investors are once again showing faith in the market, mirroring the optimistic trends observed in significant cryptocurrencies.
Ethereum Classic Price Surges Amid Market Recovery
Based on information from Coinglass, the total value of Ethereum Classic liquidations today amounted to approximately 18,840 units, despite a recent price increase in the cryptocurrency. The decrease in trading volume, down by around 27.87% to $165.89 million, suggests increasing apprehension among traders.
The open interest decreased by 0.27% to reach about $75.22 million, hinting at a possible bearish mood among traders. This suggests that, although there was an initial increase, the market as a whole is still exercising caution.
In the last 24 hours, there has been a significant upward trend in the price of Ethereum Classic (ETC). Currently, ETC is valued at approximately $19.28, marking a 2.78% rise during European trading sessions. According to CoinCoinMarket’s data, this growth was sparked as cryptocurrency bottomed out at $18.58 before peaking at $20.01.
On May 6, 2021, ETC peaked at a record high of $176.16, but since then it has dropped by a staggering 88%. Despite this significant decline, it’s important to note that it is still over 4200% higher than its previous all-time low of $0.4524, which was set on July 25, 2016.
ETC Rethinks Strategy, Bullish Breakout or Bearish Reversal?
In light of the ongoing market rebound, Ethereum Classic’s price is nearing a significant turning point. If it manages to break through the $20 barrier, it could trigger a bullish momentum that pushes the cryptocurrency towards $25. Maintaining this level might then pave the way for a potential rise to $30.
In simpler terms, the technical analysis of Ethereum Classic’s chart over a 4-hour period shows a somewhat ambiguous outlook for its immediate price movement. The Relative Strength Index (RSI) value stands at 53, suggesting that while the market slightly favors overbought conditions, it remains within a neutral range.
Using the Awesome Oscillator (AO), we observe a 1.05 positive reading, which is accompanied by green bars signifying an increase in bullish momentum. This suggests that the price trend could potentially escalate in the short term. However, the robustness of this upward trend needs further verification.
In other words, if public opinion about the market changes, it may cause a drop in price. If trends change direction, the predicted price of Ethereum Classic might fall back to the $19 support point. A continued decline could indicate a bearish trend, potentially pushing the value of the currency down to even lower support points.
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2024-08-09 17:38