Ethereum Classic looked to overcome its long-term bearishness from late January to early February. That was after the alternative coin surged to $37.5 from the lows of $21.9. That leads to a roughly 70% increase within three weeks. However, charts highlighted southward actions since then. While publishing this content, ETC seemed ready to shift the bearish market structure to bullish.
ETC 24hr Timeframe
The charts have had multiple lower peaks since mid-February, highlighting downtrends. Meanwhile, the $26.95 to $27.5 region saw demand arrival within the past few days. The altcoin tested this zone as a supply region before falling towards the local lows near $24.42. However, ETC rebounded from this level.
Market makers plotted multiple FIB retracement levels based on the token’s fall to $26.6 and $24.42 from the highs of $33.67 (a 23.6% correction). Meanwhile, the past few hours displayed bullish development as the price climbed past $26.6.
However, bulls need adequate strength as near-term selling pressure might emerge beyond $27.5, then $27.95. A move beyond $28 plus its retest might provide a ‘buy’ opportunity within the past few days.
Reasoning
The 1-hr chart RSI climbed beyond the neutral level (50) before retesting the area as support over the past day. That can be the first signal that momentum shifted to bullish from bearish. The Cumulative Delta Volume (CDV) indicated that buying volume picked up within the previous few hours. That shows demand accompanied ETC’s surge past $26.6. Nevertheless, sellers dominated the past couple of days. That way, market participants need to act cautiously.
While publishing this blog, Ethereum Classic traded at $27.81, ranking 35 on the Coinmarketcap list. The altcoin saw overnight gains as the broad market kick-started recoveries following the latest sudden crash. At this writing, the global market capitalization hovered around $1.75 trillion.
Final Thought
A move past the $28 mark might present a lucrative ‘buy’ opportunity for risk-antipathetic players with low timeframe preferences. Such actions might empower bulls, confirming that market structure flipped in bears’ favoritism.
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