MATIC in price recovery mode, will the pullback reach $0.7735?
Ankr exploit: While its staking derivatives recover, BNB continues to decline
Uniswap: Is whale interest enough to change UNI’s current price trajectory?
Breaking: FTX’s Sam Bankman-Fried to get bail on $250 million bond
Ethereum remains unmoved according to these metrics as it gets removed from Paxful
Bitcoin’s SOPR at a three-year low means this for your investment
Assessing Bitcoin retail investors’ predicament amid the ongoing bear season
Bitcoin: Decoding if BTC’s position offers a buying opportunity for traders
Why BTC holders shouldn’t worry despite LTHs exiting their positions
BTC can remain sturdy in the final days of 2022 despite this let down from miners
Ethereum remains unmoved according to these metrics as it gets removed from Paxful
Assessing the role of ‘Distributed Validator Technology’ in ETH’s anticipated growth
ETH painted a glum picture on the charts despite the anticipation of this huge…
Here’s why ETH co-founder Vitalik Buterin has high hopes from crypto in 2023
Is Ethereum ready for a pivot as this ETH front sees renewed interest
Published
on
By
Ethereum Classic [ETC] briefly joined the list of the market’s top gainers in the last 24 hours. Many altcoins have found favor with the bulls this week, with quite a few enjoying a bit of an upside too. This rally was backed by a sizeable hike in its market cap too. Now, while that may not seem very important, here’s why it is quite the contrary.
Read Ethereum Classic [ETC] Price Prediction 2023-2024
Consider this – A look at ETC’s market cap revealed that it recently dropped to a new 4-month low.
However, it is the subsequent action that is of particular interest. ETC’s market cap bounced back by as much as $320 million over the last 4 days.
Source: Santiment
Why is this important for the Ethereum Classic network?
Well, aside from ETC being among the market’s top gainers over the last 24 hours, it underscores strong investor interest. The fact that ETC can command an >$300 million hike in market cap is confirmation of strong incoming demand. Especially considering the short time frame.
ETC’s market cap surge was backed by a hike in volume during the same period of time. Here, it is worth noting, however, that the volume uptick was rather limited. This is a sign that there was low retail accumulation to support the rally. In other words, the rally was backed by significant whale activity.
Source: Santiment
Investors should note that the latest upside is largely correlated across the crypto-market. In other words, Ethereum Classic’s ability to continue delivering bullish momentum will depend on the overall market sentiment.
Nevertheless, ETC’s latest upside was supported by a significant shift in sentiment. Its weighted sentiment registered an uptick over the last 3 days, confirming a bullish outlook among investors.
Source: Santiment
It did not have as much vigor, compared to its previous sentiment bounce. This might be because most investors are still uncertain about the state of the market, especially after the events that caused the recent crash.
Even so, here’s what investors should note about Ethereum Classic’s price action. Whale activity has been relatively lacking for most of November. The return of whale activity is thus a good sign, confirming that the sentiment is shifting favourably.
The price point at which the whales are buying back is also worth noting. Ethereum Classic has been trading within a downward support and resistance channel since August. As the pattern continues to extend, the probability of a pattern break is higher.
The prevailing momentum has been slow. However, if the market continues to recover, then there is a chance that it will break below its descending resistance line.
Source: TradingView
Why Bitcoin dollar-cost-averaging could be your best bet in current market
What these BAYC sales tell us about the NFT space’s status
Michael is a full-time journalist at AMBCrypto. He has 5 years of experience in finance and forex and more than two years as a writer in the crypto and blockchain segments. Michael’s writing at AMBCrypto is primarily focused on cryptocurrency market news and technical analysis. His interests include motorcycles and exotic cars.
Ethereum Classic bears are emboldened despite the recent bounce, here’s why
Ethereum Classic: Long-term investors can uncover opportunities at this level
Ethereum Classic: This metric could be a game changer for ETC and its investors
Going short on Ethereum Classic [ETC]? You can benefit from these levels
Ethereum Classic [ETC] and its technical analysis you need to know this month
Coinbase is all set to delist XRP, here’s everything you need to know
Your email address will not be published.
Disclaimer: AMBCrypto’s content is meant to be informational in nature and should not be interpreted as investment advice. Trading, buying or selling cryptocurrencies should be considered a high-risk investment and every reader is advised to do their own research before making any decisions.