Ethereum Classic [ETC] nears key roadblock — Is a reversal likely?

Posted: September 16, 2023

Disclaimer: The data offered doesn’t represent monetary, funding, buying and selling, or different kinds of recommendation and is solely the author’s opinion

• ETC was headed to a vital roadblock above $15.50 at press time. 
• Funding fee fluctuations endured, and the H12 market construction was nonetheless bearish.

Ethereum Classic [ETC] recorded a modest restoration within the second week of September. The altcoin was up 2% on weekly efficiency and traded at $15.39 at press time. Nonetheless, the restoration was headed to a vital roadblock and will entice sellers. 

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In the meantime, Bitcoin [BTC] was additionally going through a roadblock on the $27k mid-range. If BTC surges above the mid-range, ETC might clear this roadblock. 

Can sellers exploit this roadblock?

Supply: ETC/USDT on TradingView

The resistance zone and beforehand invalidated H12 bullish order block exists at $15.58 – $16.0 (purple). The world has been a key hurdle within the first half of September and all the time led to a worth rejection to $15.20 or $14.50. 

If the pattern repeats, ETC might head decrease, presenting a shorting alternative with a doable entry at $15.50 and take-profit at $15.20. Such a transfer might current quick sellers with a 2% acquire. 

Nonetheless, an in depth above $15.70 and a transfer past the roadblock at $16.0 will invalidate the quick concept. Such an upswing will flip the H12 market construction to a bullish bias and tip bulls to focus on the $17 degree after clearing the subsequent hurdle at $16.11. 

In the meantime, the Relative Power Index (RSI) crossed the median mark at press time however might see a reversal if sellers exploited the above roadblock. Then again, the Chaikin Cash Move (CMF) headed southwards in the direction of the zero mark, indicating capital inflows eased prior to now few days.  

Funding charges fluctuated

Supply: Coinalyze

Based on Coinalyze, the ETC recorded fluctuating funding charges prior to now few days, underscoring wavering sentiment. The Open Rates of interest additionally wavered prior to now two days, indicating demand fluctuated too. 

How a lot are 1,10,100 ETCs worth today? 

In addition to, the Cumulative Quantity Delta (CVD) retreated decrease between 9/11 September and hasn’t fronted significant restoration. This reveals that sellers couldn’t be ignored as they nonetheless had market affect and will inflict a worth reversal.