Ethereum Classic [ETC] has bullish momentum but can it see further gains

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

• Every day timeframe construction confirmed a bearish bias
• Decrease timeframe charts bullish
• ETC halted at an vital zone of resistance- what subsequent?

Over the previous two days, Ethereum Traditional flipped its short-term momentum from bearish to bullish. ETC bounced rapidly from the $21.1 help degree and posted positive factors of practically 10% previously 36 hours alone.

Right here’s AMBCrypto’s Value Prediction for Ethereum Traditional [ETC] for 2022-2023

The upper timeframe bias remained bearish, and it was seemingly that Ethereum Traditional might quickly face promoting stress. This was as a result of it was buying and selling inside a zone the place longer-term bears could be seeking to promote the rally.

Value motion exhibits short-term shopping for stress

Supply: TradingView

On the one-hour chart, we are able to see that the worth broke above the $22.1 degree. In doing so, it set a brand new increased excessive and shifted the short-term development to bullish after a retest of the $21.7 mark as help.

Throughout this time, the Relative Power Index (RSI) managed to flip the impartial 50 line to help and rocketed into the overbought territory. On the time of writing, the RSI was slowly creeping decrease, whereas ETC stayed close to the $23.2 degree. This advised waning bullish momentum and the opportunity of a minor pullback. The Accumulation/Distribution (A/D) indicator made increased lows over the previous couple of days to indicate sturdy shopping for stress.

On the four-hour and six-hour charts as effectively, the momentum was bullish for Ethereum Traditional. Nonetheless, the every day development was bearish. The Fibonacci retracement ranges (yellow) confirmed the 61.8% and 78.6% retracement ranges to lie at $22.91 and $23.47. This golden pocket might function a stiff opposition to the bears.

A bullish order block on the one-hour chart was noticed close to the $22.86 degree. This advised that decrease timeframe merchants might look to purchase a retest of this zone. Nonetheless, a transfer under $22.6-$22.5 would seemingly imply that bears have been in management as soon as once more.

Futures market members bullish

Supply: Coinglass

The funding fee has been unfavourable over the previous two weeks and highlighted that speculators had been strongly bearish. Previously few days, the funding fee started to maneuver towards constructive territory. Therefore, there was a suggestion of a weakening bearish outlook within the futures market. The Long/Short ratio additionally confirmed ETC bulls to have a minor benefit within the final 24 hours at practically 51%.

Ethereum Traditional traded at an vital resistance zone in response to the Fibonacci retracement ranges. Bullish momentum has stalled in latest hours. A transfer again under $22.5 would recommend the sellers have been dominant as soon as once more.