Disclaimer: The data introduced doesn’t represent monetary, funding, buying and selling, or different sorts of recommendation and is solely the author’s opinion
- Ethereum Basic [ETC] hit a key worth ceiling zone in 2023
- Extra lengthy positions liquidated on the decrease timeframe
Ethereum Basic [ETC] famous a pointy retracement after hitting a key worth ceiling space just under $24. Up to now, the best ETC has climbed in 2023 is $24.95 on 4 February. The stretch between $23 – $24 has been a key provide space in Q1/Q2 2023, exposing ETC to pullbacks every time the value forayed into the world.
Learn Ethereum Basic [ETC] Value Prediction 2023-24
In the meantime, Bitcoin [BTC] has struggled to clear the $30.8k-resistance, setting it up for vary extension above $30k for the previous few days.
Will the 420 help stage maintain?
Supply: ETC/USDT on TradingView
The retracement briefly breached the $20-support earlier than the bulls got here out to defend it. On the time of writing, ETC’s worth was $20.21.
The $20-price stage was a key help in January and February 2023 when zoomed out on the day by day chart. Equally, the $23 – $24 zone was a provide zone on the day by day charts.
Again to the ETC’s 4-hour chart, beneath the short-term help, lays an FVG (Truthful Worth Hole) – a worth motion imbalance between $18.1 – $19.4 (white). Most frequently, worth motion all the time fills these imbalances earlier than persevering with with the pattern course. So, the $18 – $20 zone can act as a strong bullish space.
So, a rebound from the help space may set ETC to retest the availability space of the $23-24 area once more. If that’s the case, particularly if BTC doesn’t drop beneath $30k, shopping for at this stage may provide an excellent danger ratio.
A drop beneath the FVG stage of $18 will invalidate the bullish thesis, making a drop to $17 and $16 inside arm’s size.
In the meantime, key technical indicators moved sideways. Particularly, the RSI (Relative Energy Index) flattened out above the impartial place whereas the OBV (On Stability Quantity) dipped barely and moved sideways – Shopping for strain and demand eased. Equally, the ADX (Common Directional Index) dropped beneath 20, reinforcing the shortage of a transparent pattern.
Lengthy positions discouraged
Supply: Coinglass
In response to Coinglass, over $200k value of lengthy positions had been wrecked on the 4-hour timeframe, as of the time of writing. Nonetheless, brief positions suffered lower than $50k liquidations in the identical interval, underscoring the short-term bearish sentiment within the Futures market.
How a lot are 1,10,100 ETCs value as we speak?
Nonetheless, BTC’s keep above $30k portends general bullish sentiment for ETC. So, ETC merchants ought to observe the king coin’s worth motion earlier than making strikes for optimized set-ups.
