Ethereum Classic: Can bears crack $17.66 support and extend gains?

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

• Ethereum Traditional [ETC] hovered over a key assist stage with bears primed to crack the extent.
• 24-hour liquidation knowledge confirmed longs suffered liquidation value $410.98k.

Bitcoin’s [BTC] failure to maintain its value rebound over the previous 24 hours continued the bearish sentiment available in the market. This was mirrored in Ethereum Traditional’s [ETC] value motion, as its bearish slide noticed it sink towards a key assist stage.

Learn Ethereum Traditional [ETC] Value Prediction 2023-24

With market circumstances remaining uneven, bears can seize the chance to flip ETC bearish on the upper timeframes.

Break of $17.66 assist stage key issue for additional bearish features

Supply: ETC/USDT on Buying and selling View

ETC’s sharp rejection on the $23 resistance stage noticed it break under the $20.2 assist stage. Moreover, a retest of this new resistance stage led to additional promoting stress which noticed a take a look at of the $17.66 assist stage.

The bulls that tried to rebound from the $17.66 assist stage have been curtailed by the bearish trendline. This stored ETC’s value near the assist stage, blocking any additional upside. If the bearish development persists together with BTC’s declining value, the assist stage may cave to the promoting stress within the coming days.

Regardless of the bearish momentum, bulls have precedent to rally from this assist stage, as seen on 29 June. Nonetheless, a rally should deal with the trendline resistance for sustained features.

Within the meantime, the Relative Energy Index (RSI) headed towards the oversold zone whereas the On-Steadiness Quantity (OBV) remained flat. This highlighted the dearth of shopping for energy and each indicators steered a bearish leaning for ETC.

Bears again within the futures market

Supply: Coinglass

How a lot are 1,10,100 ETCs value right now?

The liquidation knowledge from Coinglass hinted at discouraged patrons. The on-chain metric confirmed that lengthy positions value $410.98k have been liquidated over the previous 24 hours.

This amounted to 88% of the entire liquidations inside the interval. This strengthened the problem bulls may encounter of their makes an attempt to rebound from the present value stage.