- ETC eyes a rally as bullish momentum builds.
- Short position takers dominate 54.6% of the market supply, but increasing social activity could tip the balance.
As a seasoned crypto investor with scars from the 2017 bull run and the subsequent bear market, I’ve learned to read between the lines when it comes to market trends. And let me tell you, Ethereum Classic [ETC] is starting to look interesting again.
As an analyst, I’ve found myself drawn to Ethereum Classic (ETC) recently due to its intriguing structural indications suggesting a promising upward trend.
The daily chart shows that Ethereum Classic is exhibiting a promising upward trend at present; however, it’s experiencing a temporary pullback.
Returning to the nearby resistance point presents a fantastic chance for buyers to re-enter the market, potentially causing the price to climb up once more.
Looking closely at the 4-hour timeframe, Ethereum Classic (ETC) seems to be gathering bullish energy, hinting that a possible breakout might be imminent.
Social dominance on the rise
One key metric that supports this positive outlook is Ethereum Classic’s social dominance. As per our analysis of the Santiment data, ETC social dominance currently stands at 2.07% and steadily increasing.
Market sentiment is strongly influenced by social dominance, and as this trend tends to rise, it frequently aligns with price surges.
With increasing attention on ETC, there’s the potential for a steady climb, fueling its ascent even further.
ETC short traders still control the market
It’s worth noting that about half of the Ethereum Classic market is currently held by investors who have taken a short position.
A short positioning this high only goes to expose that a great deal of traders are expecting a drop in price. However, if ETC keeps building on its bullish momentum, then a short squeeze may occur, which may drive prices higher.
ETC whales on the move
Building on the previously mentioned optimistic views, it’s worth noting that the level of whale involvement has significantly increased starting from the 9th of October. As of now, these whales account for approximately 57% of the total supply, holding more than 5 million units each.
This suggests that in case of any movement by the whales, ETC could make a significant move.
Read Ethereum Classic’s [ETC] Price Prediction 2024–2025
As its influence and optimistic sentiment increase, Ethereum Classic seems primed for an upward trend based on observations from daily and 4-hour price graphs.
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2024-10-21 13:11