Is Ethereum Classic ripe for extra shorting gains?

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

• ETC chalked a descending triangle sample – a bearish formation. 
• The confluence of a hurdle and the 50% Fib stage may derail a value surge past $18. 

Ethereum Basic [ETC] fluctuated between $14 and $16 up to now few weeks. ETC sellers pushed the altcoin to a bearish goal and multi-month assist of $14.7. The transfer translated to +10% shorting good points when traced from a earlier decrease excessive of $16.89. 

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

AMBCryto’s value evaluation of ETC on 6 October evaluated how bears shortly overwhelmed bullish momentum on the $16 stage. The bearish takeover noticed ETC lengthen its decline to $14.7 assist with no stable bullish intervention at press time. 

Will sellers double down?

Supply: ETC/USDT on TradingView

The Relative Power Index (RSI) was unfavourable and highlighted promoting strain intensified. Nonetheless, the capital inflows wavered, as illustrated by the stagnated Chaikin Cash Movement (CMF) at zero. 

Regardless of the bearish strain on the time of writing, ETC retraced to a key $14.7 assist that has stopped further value drops since December 2022.

An tried bullish reversal may very well be derailed on the overhead confluence of the trendline resistance and the 50% Fib stage (close to $17) or $16. 

Such a situation may present two potential quick set-ups. Aggressive gamers may search re-entry on the confluence space of $17, whereas conservatives deal with $16. The $14.7 assist might be take-profit targets in every situation. 

A transfer above the roadblock of $17.0 – $18.71(pink) and $16 will invalidate the above quick set-ups.  

Key liquidity exists at these ranges

Supply: Coinglass Liquidation Map

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

Based mostly on the Coinglass each day Liquidation map, ETC had liquidity ranges at $14.6, $15.2, $15.6, and $16.4. The $14.6 had already been hit by press time, and $15.2 may very well be subsequent.  So, the altcoin may bounce barely upwards, pushed by a liquidity hunt. 

However BTC struggled to defend the $27k on the time of writing. Any further BTC losses may encourage ETC sellers to devalue the altcoin additional. So, monitoring BTC is essential for optimized setups.