Within the recent surge of Bitcoin, Ethereum Classic (ETC) witnessed a significant increase, reaching a six-month peak on November 17th. Despite these gains, ETC faced challenges breaking through the $27 barrier, a resistance point it repeatedly tested in the preceding days.<\/p>\n
ETC displayed an ascending channel pattern on its daily chart, a pattern historically associated with short-term reversals. The altcoin demonstrated a series of higher highs and higher lows, indicating its upward trend in the past few weeks.<\/p>\n
As of the current moment, ETC was trading around $25.46, showing a 2.68% decrease in the last 24 hours. The 20-day EMA ($22.95) crossed above both the 50-day EMA ($21.05) and the 200-day EMA ($21.57), underlining a robust bullish momentum.<\/p>\n
Despite these positive indicators, resistance levels at $27.38 and $29.78 remained challenging for buyers.<\/p>\n
If the ongoing upward channel remains intact, ETC might retest the upper range near $29-$30. Conversely, if bears push the price below the lower trendline, immediate support could be found around the near-term EMAs at approximately $23.<\/p>\n
The Relative Strength Index (RSI) was around 64, signaling slight overbought conditions. A potential decline from these levels could trigger a short-term correction towards the 50-mark, establishing a more balanced market environment. Buyers should monitor any RSI decline for insights into possible corrections.<\/p>\n
Across all platforms, Open Interest experienced a 4.56% decrease to $148.63 million. Likewise, trading volume dropped by 14.03% to $338 million, reflecting reduced market participation.<\/p>\n
Of note, the 24-hour Long\/Short ratio stood at 0.8577, indicating a bearish sentiment. However, Binance and OKX displayed more positive ratios of 2.11 and 2.7, respectively, suggesting a bullish outlook among traders on these exchanges.<\/p>\n
There was a recent increase in Open Interest among prominent traders on Binance, showcasing a bullish sentiment with Long\/Short ratios of 2.1 for accounts and 1.2 for positions. This highlighted that significant traders were positioning themselves for an upward trajectory.<\/p>\n
Nevertheless, Bitcoin’s recent price movements could significantly impact ETC’s short-term performance, particularly as Bitcoin enters overbought territory.<\/p>\n
If Bitcoin’s bullish trend persists, ETC might surpass the $27 resistance and target the $30 zone. Conversely, a slowdown in Bitcoin’s momentum could lead ETC to retrace towards the $21-$22 range.<\/p>\n","protected":false},"excerpt":{"rendered":"
Within the recent surge of Bitcoin, Ethereum Classic (ETC) witnessed a significant increase, reaching a six-month peak on November 17th. Despite these gains, ETC faced challenges breaking through the $27 barrier, a resistance point it repeatedly tested in the preceding days. Recent Market Performance and Exponential Moving Average (EMA) Insights ETC displayed an ascending channel<\/p>\n","protected":false},"author":1,"featured_media":31821,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[11],"tags":[],"class_list":["post-31820","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-crypto-news","generate-columns","tablet-grid-50","mobile-grid-100","grid-parent","grid-50","no-featured-image-padding"],"_links":{"self":[{"href":"https:\/\/btcacademy.online\/crypto\/wp-json\/wp\/v2\/posts\/31820","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/btcacademy.online\/crypto\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/btcacademy.online\/crypto\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/btcacademy.online\/crypto\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/btcacademy.online\/crypto\/wp-json\/wp\/v2\/comments?post=31820"}],"version-history":[{"count":2,"href":"https:\/\/btcacademy.online\/crypto\/wp-json\/wp\/v2\/posts\/31820\/revisions"}],"predecessor-version":[{"id":31826,"href":"https:\/\/btcacademy.online\/crypto\/wp-json\/wp\/v2\/posts\/31820\/revisions\/31826"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/btcacademy.online\/crypto\/wp-json\/wp\/v2\/media\/31821"}],"wp:attachment":[{"href":"https:\/\/btcacademy.online\/crypto\/wp-json\/wp\/v2\/media?parent=31820"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/btcacademy.online\/crypto\/wp-json\/wp\/v2\/categories?post=31820"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/btcacademy.online\/crypto\/wp-json\/wp\/v2\/tags?post=31820"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}