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Cryptocurrency News Articles

Ethereum Classic's Bullish Outlook Clouded by Bearish Signals

Apr 23, 2024 at 08:00 am

Technical analysis suggests Ethereum Classic (ETC) may experience a reversal, with the liquidation heatmap indicating potential for a bearish move. Despite bullish sentiment due to the defense of the 78.6% retracement level and rising volume since December 2023, recent losses have dampened investor confidence. Long-term bulls remain optimistic, supported by Fibonacci retracement levels and market structure, while short-term buyers face challenges reclaiming the uptrend. Resistance levels overhead and a lack of buying momentum raise concerns about a potential correction.

Ethereum Classic's Bullish Outlook Clouded by Bearish Signals

Ethereum Classic (ETC): Bullish Outlook Overshadowed by Bearish Signals

Amidst the recent market volatility, Ethereum Classic (ETC) has exhibited both bullish and bearish tendencies, leaving investors torn between optimism and caution.

Bullish Indicators

Despite ETC's recent losses, long-term bulls remain confident. The Fibonacci retracement levels reveal that the 78.6% retracement level at $22.9 was successfully defended twice in 2024. This suggests the presence of strong support and a potential reversal.

Moreover, the higher timeframe market structure remains bullish, with $18.33 acting as the key swing low to surpass. The steady upward trend of the On-Balance Volume (OBV) indicator over the past five months indicates consistent buying pressure.

Bearish Concerns

However, ETC has also faced challenges. The recent sell-off has weakened investor sentiment, and the OBV has struggled to establish new highs since March. This suggests that the buying volume has not increased significantly in recent weeks.

Furthermore, the Relative Strength Index (RSI) remains below the neutral 50 level on the 1-day chart, signaling persistent bearish momentum.

Liquidation Heatmap Insights

According to AMBCrypto's analysis of the liquidation heatmap, intense liquidation levels exist at $28.47 and $36. The current test of the $28 region presents a potential opportunity for a bearish reversal towards $23.6.

Resistance and Support

To the upside, the next major resistance level is at $36, which could pose a challenge for bulls. Unless demand increases and sentiment turns bullish, traders should anticipate potential rejection from this level.

On the downside, the $29 and $34.4 levels are crucial support areas that bulls need to reclaim to maintain momentum.

Conclusion

While ETC has shown promising signs of long-term bullishness, the recent pullback and bearish indicators suggest caution. Investors should carefully monitor price action and market sentiment before making any significant investment decisions. A bearish scenario remains possible this summer, and traders should be prepared for both bullish and bearish outcomes.

Disclaimer:info@kdj.com

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Other articles published on Dec 24, 2024