Following a substantial bounce from the support level at $21.215, Ethereum Classic (ETC) has displayed remarkable resilience in the market.
Currently, the altcoin shows an 11% increase over the past 24 hours, reflecting a strong bullish sentiment on the daily chart. Traders and investors have taken notice of its recent price movements.
Validation of ETC’s Support Level
The recent rebound from the support level of $21.215 wasn’t just another routine recovery.
Analyzed on-chain data indicates a significant accumulation by whales at this point, with major holders maintaining substantial positions despite previous market fluctuations. This institutional trust provides a solid foundation for the technical setup.
Simultaneously, an examination of social volume on Santiment by CryptoCrypto revealed a considerable increase during this surge. This uptick added credibility to the altcoin’s upward momentum on the charts.
The surge in social engagement, reaching levels unseen since early June, often precedes a prolonged upward trend in an asset’s valuation.
Increasing Liquidations for ETC
The breakout of ETC from the descending triangle pattern suggests a possible reversal in trends.
Moreover, observing ETC’s price movements showing higher lows, combined with a notable concentration of short positions near the $24 mark on the liquidation heatmap, indicates the potential for further upward momentum if these short positions are triggered.
Focus on Key Resistance Levels
The crucial resistance level at $25 is now a crucial point of contention. Past attempts to surpass this significant resistance have failed, but the current rally appears more robust in terms of social interaction and substantial whale backing.
A successful breach of this level could initiate a series of short squeezes, propelling ETC further upwards.
The convergence of multiple indicators paints a highly optimistic picture for ETC in the short term.
With price targets ranging between $26 and $27, bolstered by solid liquidation statistics and mounting buy pressures, ETC seems poised for additional gains. The battle zone is especially near $24.50-$25, as crossing this critical threshold could unleash a significant rally for ETC.