Ethereum Classic [ETC] has sparked interest among traders and investors due to indications of a potential upward trend.
An analysis of Ethereum Classic’s daily chart reveals a positive uptrend, despite its current retracement phase.
The recent dip to a local support level presents an attractive opportunity for bullish investors to intervene and drive the price upwards once again.
Focusing on the 4-hour chart, ETC shows signs of gaining bullish momentum, hinting at a possible breakout in the near future.
Increasing Social Dominance
An important factor supporting this optimistic outlook is Ethereum Classic’s social dominance. Based on Santiment data analysis, ETC’s social dominance currently sits at 2.07% and is steadily rising.
Social dominance plays a significant role in influencing market sentiment, and its upward trajectory often aligns with price surges.
As more attention is directed towards ETC, this heightened activity could potentially fuel a substantial upward trend, propelling prices to new heights.
Market Control by ETC Short Traders
Remarkably, 54.6% of the Ethereum Classic market is presently under the influence of short sellers.
Such a high short interest indicates a widespread anticipation of a price decline. Nonetheless, if ETC continues to build on its bullish momentum, a short squeeze might ensue, leading to price escalation.
Whale Activity in ETC Market
In another encouraging development, whale activity in the Ethereum Classic market has surged since October 9th. Whales holding over 5 million units now control 57% of the total supply.
This suggests that any substantial move by these significant investors could drive ETC to make a notable price shift.
Due to the rising social dominance and bullish indications evident on both daily and 4-hour charts, Ethereum Classic appears poised for a potential rally.