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Ethereum Classic: Forecasting ETC’s near-term potential amid this bull run
The post Ethereum Classic: Forecasting ETC’s near-term potential amid this bull run appeared on BitcoinEthereumNews.com. Given the golden cross on EMAs and ascending channel pattern, Ethereum Classic’s medium-term prospects look promising. Derivates data showed a slight edge for bulls, but buyers should closely track BTC’s movement. Amid the recent Bitcoin bull run, Ethereum Classic [ETC] saw a steep rise and touched its 6-month high on 17th November. However, despite the ongoing gains, ETC struggled to break past the $27 barrier after testing it multiple times over the past few days. Recent price action and EMA overview Source: TradingView, ETC/USDT ETC was in an ascending channel pattern on the daily chart, which has historically been a reversal pattern in the near term. The altcoin marked a series of higher lows and higher highs, contributing to its upward trajectory over the last few weeks. The altcoin was trading at around $25.46 at press time, down 2.68% in the last 24 hours. The 20-day EMA ($22.95) crossed above both the 50-day EMA ($21.05) and the 200-day EMA ($21.57), indicating strong bullish momentum. However, the $27.38 and $29.78 levels continued to offer stiff resistance for buyers. Should the current upward channel hold, ETC could retest the upper boundary, near the $29-$30 range. On the flip side, if bears pull the price below the lower trendline, immediate support could lie around the near-term EMAs at around $23. The RSI stood at around 64, indicating slightly overbought conditions. A potential decline from these levels could lead to a short-term correction towards the 50-mark, reaffirming more balanced market dynamics. Buyers must watch for a possible dip in RSI to gauge the chances of a correction. ETC’s Derivatives revealed THIS Source: Coinglass The Open Interest across all exchanges was down by 4.56% to $148.63 million. Similarly, trading volume decreased by 14.03% to $338 million, reflecting reduced market activity. Interestingly, the 24-hour Long/Short ratio…
The post Ethereum Classic: Forecasting ETC’s near-term potential amid this bull run appeared on BitcoinEthereumNews.com.
Given the golden cross on EMAs and ascending channel pattern, Ethereum Classic’s medium-term prospects look promising. Derivates data showed a slight edge for bulls, but buyers should closely track BTC’s movement. Amid the recent Bitcoin bull run, Ethereum Classic [ETC] saw a steep rise and touched its 6-month high on 17th November. However, despite the ongoing gains, ETC struggled to break past the $27 barrier after testing it multiple times over the past few days. Recent price action and EMA overview Source: TradingView, ETC/USDT ETC was in an ascending channel pattern on the daily chart, which has historically been a reversal pattern in the near term. The altcoin marked a series of higher lows and higher highs, contributing to its upward trajectory over the last few weeks. The altcoin was trading at around $25.46 at press time, down 2.68% in the last 24 hours. The 20-day EMA ($22.95) crossed above both the 50-day EMA ($21.05) and the 200-day EMA ($21.57), indicating strong bullish momentum. However, the $27.38 and $29.78 levels continued to offer stiff resistance for buyers. Should the current upward channel hold, ETC could retest the upper boundary, near the $29-$30 range. On the flip side, if bears pull the price below the lower trendline, immediate support could lie around the near-term EMAs at around $23. The RSI stood at around 64, indicating slightly overbought conditions. A potential decline from these levels could lead to a short-term correction towards the 50-mark, reaffirming more balanced market dynamics. Buyers must watch for a possible dip in RSI to gauge the chances of a correction. ETC’s Derivatives revealed THIS Source: Coinglass The Open Interest across all exchanges was down by 4.56% to $148.63 million. Similarly, trading volume decreased by 14.03% to $338 million, reflecting reduced market activity. Interestingly, the 24-hour Long/Short ratio…
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