As ETC retests $23.3 as resistance, could extended losses bring $13 in sight

Disclaimer: The findings of the next evaluation are the only real opinions of the author and shouldn’t be thought of funding recommendation

• The upper timeframe construction is bearish for Ethereum Basic
• Some respite was seen at $18.3, however this bounce was short-lived

USDT Dominance (Tether Dominance) rose to eight.53%, the best worth it reached since mid-June. Investor confidence was fairly low out there after the  FTX collapse.

Learn Ethereum Basic’s [ETC] worth prediction for 2022-2023

Bitcoin was weak on the worth charts and fell beneath $17k as soon as extra. Ethereum Basic confronted intense bearish stress. It appeared that promoting stress might proceed to dominate, though volatility can be anticipated within the coming days.

A robust bounce from $18.35 to retest the $23.2 mark as resistance

Supply: ETC/USDT on TradingView

The Relative Power Index (RSI) on ETC’s each day chart was again beneath the pure 50 mark. This confirmed that momentum was in favor of the bears as soon as extra. On the identical time, the On-Steadiness Quantity (OBV) has additionally been in decline over the previous few days. Nevertheless, the OBV was but to interrupt a stage of assist from October.

The market construction on the each day timeframe was bearish after it broke beneath the swing low at $22.25 on 2 November. After breaking beneath this stage, the worth witnessed a bounce from $18.35 to $22.96. Nevertheless, the construction was firmly bearish.

Till ETC can transfer again above $22.96, it will proceed to have a bearish bias. To interrupt the construction and affirm an uptrend, Ethereum Basic should push previous the $27.23 mark.

This was an unlikely occasion within the coming weeks. Bitcoin and the remainder of the market confronted extreme promoting stress and widespread concern. As a substitute, it was extra seemingly that Ethereum Basic would proceed its descent beneath $18.35 and as far south as $13.11, a stage of assist from July.

Social Dominance and sentiment had been constructive however worth motion actually wasn’t

Supply: Santiment

In late October and early November, the social dominance and weighted sentiment metrics noticed constructive leaps. But, on 1 November and seven November, the worth didn’t do something exceptional. Certainly, following 7 November, Ethereum Basic cratered by practically 30% to achieve $18.35.

In the meantime, the funding price was steeply detrimental on Binance. This confirmed that quick positions had been extremely populated and lengthy positions paid the shorts. Whereas it mirrored a bearish sentiment, it additionally highlighted the truth that the market could possibly be overextended to the draw back.

That alone doesn’t warrant a powerful bounce in costs might be seen. The decrease timeframe stage of significance at $21 had been flipped to resistance, and one other wave of promoting stress could possibly be imminent.