Ethereum Classic reclaims $16: Will traders go long?

by ChainChirp
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Disclaimer: The knowledge offered doesn’t represent monetary, funding, buying and selling, or different forms of recommendation and is solely the author’s opinion.

  • ETC mounted above a sticky hurdle in September. 
  • The Futures market was bullish; extra gamers shorted the asset. 

Ethereum Basic [ETC] was ecstatic to increase its September restoration features to October. It rallied +10% from 26 September and traded at $16.48 at press time. The rally cleared a sticky roadblock at $16 and will supply patrons extra advantages if Bitcoin [BTC] doesn’t submit fast losses. 

Is your portfolio inexperienced? Take a look at the ETC Revenue Calculator 

Can bulls lengthen the rally?

Ethereum Classic

Supply: ETC/USDT on TradingView

Value chart indicators had been bullish on the asset on the H12 timeframe at press time. Notably, the RSI steadily elevated and hit the oversold entry level, denoting the spike in shopping for strain since late September. 

As well as, the CMF additionally forayed above zero, albeit sluggishly, denoting sluggish however regular capital inflows into the ETC market over the identical interval. 

The worth rally cleared the sticky resistance zone of $15.58 – $16.00 (cyan), flipping the H12 market construction to a bullish bias.

So, the subsequent goal for bulls is the roadblock at $18 in the event that they clear the fast $17 hurdle. Such a transfer might current a possible 4.6% or 10% acquire at $17 and $18, respectively. 

A slip under the September resistance zone of $15.58 – $16.00 (cyan) will invalidate the bullish thesis. 

The Futures market flashed blended alerts

Ethereum Classic

Supply: Coinglass

At press time, ETC’s Futures market flashed conflicting alerts. Notably, extra gamers had been shorting the asset on the every day timeframe for the previous few days, as proven by the ETC Lengthy/Brief Ratio. It meant that they anticipated costs to drop within the close to future. 

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How a lot are 1,10,100 ETCs value as we speak

Nonetheless, the Open Rates of interest and buying and selling quantity had been bullish. Each metrics had been up +180% and +10%, respectively, at press time. It denotes a requirement and buying and selling exercise spike prior to now 24 hours earlier than press time. 

So, the conflicting alerts name for monitoring of BTC worth motion for clear market path and danger mitigation. 

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