Ethereum Classic (ETC) price soars despite trading volume and liquidation concerns

The global cryptocurrency market cap increased by 1.12% over the past day to $2.1 trillion as bulls attempted recoveries following the latest crash.

Bitcoin (BTC) trades at $59,669 after gaining 0.80% in the past 24 hours, triggering notable recoveries in the altcoin space.

Ethereum Classic (ETC) joined the ongoing broad market surges. The altcoin jumped 2.30% on its daily chart to trade at $18.74 during this publication.

ETC’s upswing mirrors the upward stance observed on top cryptocurrencies, including Bitcoin and Ethereum.

Ethereum Classic’s mixed sentiments

While the altcoin’s current outlook reflects optimism, several indicators confirm mixed sentiments among ETC traders.

Coinglass stats show Ethereum Classic saw liquidations amounting to $357.91K over the last 24 hours – $238.04K in longs and short positions worth $119.87K.

Moreover, ETC’s 24-hour trading volume weakened amid price surges, down 10% to $114.11 million. That signals uncertainty in the altcoin’s performance.

Nevertheless, Open Interest jumped 0.92% to $78.54 million, indicating bullish sentiments.

What technical indicators say

Technical analysis reveals neutral signals for Ethereum Classic’s short-term performance. The Relative Strength Index sways at 45, confirming that the altcoin is leaning toward the oversold region but still around the neutral region.

The Awesome Oscillator reads -0.49, with fading green bars indicating a potential shift toward bearish momentum.

Current Ethereum Classic outlook

Ethereum Classic stands at a vital juncture amid the ongoing market recovery. Changing hands above $18, the altcoin exhibits a bullish momentum, seemingly targeting the resistance at $20.

Source: ETC 1D Chart on CoinMarketCap

Overcoming the $20 obstacle could catalyze impressive surges, possibly pushing ETC toward the $25 mark.

Continued optimism could propel the alt past $30. Nevertheless, weak trading volume and heightened liquidations suggest a delay in such a robust uptrend.

Moreover, sudden shifts in the neutral indicators could welcome bearishness. That might push Ethereum Classic to the support floor of $16 before plunging lower on intensified selling pressure.

Meanwhile, investors remain optimistic about cryptocurrencies despite the current uncertainty. The market is experiencing notable inflows, confirming participants’ confidence in future price surges.

Such trends could see Bitcoin overcoming crucial resistance zones in September.

However, analysts predict delayed rallies for the bellwether crypto. TOBTC highlighted that Bitcoin needs a 7% surge for a green monthly candlestick close above $64,300.

TOBTC

@_TOBTC

·Follow

#Bitcoin‘s price needs to close above $64,300 by the end of August for a green monthly close, which would require a 7% rally from its current price. Analysts note that #Bitcoin faces resistance around $63,900, and summer illiquidity could continue into September. However,…

11:14 AM · Aug 29, 2024

0

Reply

Copy link

Read more on Twitter

Thus, Bitcoin could fail to overcome the crucial resistance at $63,900. TOP BTC added that lower interest rates early next year could trigger significant bull runs for the market.

In summary, Ethereum Classic’s price increase confirms notable recoveries after recent declines. While these would potentially boost investor confidence, impending uncertainties call for caution.

The significant liquidations and plunged 24-hour trading volume suggest a short-lived uptrend.

Thus, enthusiasts can expect slight ETC declines before solid upward continuation towards the abovementioned price regions. Nevertheless, Ethereum Classic will likely mirror broad market performance in the upcoming sessions.

The post Ethereum Classic (ETC) price soars despite trading volume and liquidation concerns appeared first on Invezz