Disclaimer: The data introduced doesn’t represent monetary, funding, buying and selling, or different forms of recommendation and is solely the author’s opinion.
- ETC rebounded from a vital long-term assist.
- Demand within the derivatives market was muted.
Ethereum Traditional [ETC] rebounded from crucial long-term assist of $14.7 – $16.2 (cyan). The assist zone has led to 3 consecutive value recoveries. However the latest restoration may face vital headwinds.
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Within the meantime, Bitcoin’s [BTC] restoration was blocked at $26.8k and will ease to $26k earlier than trying one other rebound.
ETC’s restoration hurdles
Supply: ETC/USDT on TradingView
As illustrated by the above day by day chart, the assist zone, cyan, led to a restoration in January, March, and June. So, it’s a vital long-term assist that has seen huge demand every time value motion retested it.
Nonetheless, the anticipated fourth restoration may very well be delayed and derailed by obstacles. The CMF was above the zero threshold, which means that capital inflows had been substantive.
However the RSI hadn’t crossed the 50-median mark, demonstrating improved however not-so-strong shopping for strain as of the time of writing.
The primary overhead hurdle for ETC bulls is the worth imbalance and FVG (truthful worth hole) of $16.7 – $17.4 (white). As well as, there exists a earlier support-cum-resistance zone of $17.8 – $18.6 (pink) above the FVG.
So, the restoration in direction of the $20 psychological stage incorporates key hurdles that might derail bulls.
Muted demand within the futures market
Supply: Coinalyze
The demand for ETC was dismal within the futures market, because the Open Curiosity (OI) indicated. The OI measures opened contracts, thus capturing demand, liquidity, and general market sentiment.
Learn Ethereum [ETC] Worth Prediction 2023-24
Notably, the metric has registered a stable bounce after dropping in mid-August.
Moreover, funding charges wavered as CVD (Cumulative Quantity Delta) descended gently, additional confirming muted demand and an absence of bulls’ edge out there. Subsequently, restoration may face challenges.
