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What Ethereum Classic is up to after its recent massive 60% rally

Disclaimer: The findings of the next evaluation are the only real opinions of the author and shouldn’t be thought-about funding recommendation

Ethereum Basic was buying and selling at $49.25 on the time of writing. It has made monumental bullish strides up to now few days because it smashed its well beyond a number of ranges of resistance. Can Ethereum Basic flip the $50 space to demand? If it does, a run to $57 and $60 can materialize. A rejection on the resistance degree was much less doubtless, however it may see ETC revisit the $45 space.

ETC- 1H

Ethereum Classic has steady demand as it consolidated beneath resistance

Supply: ETC/USDT on TradingView

Within the $50-$52 space lies a zone of provide that ETC beforehand traded at in mid-November. The truth that the asset has climbed this far within the months since was encouraging for the bulls.

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The $50 is each a long-term horizontal in addition to a psychological resistance degree. Because the time ETC broke above the $27 degree two weeks in the past, it has recognized solely upside with minor pullbacks. On the hourly timeframe, the worth appeared to wrestle to push previous the $50 degree.

In truth, up to now 48 hours, the worth has been in a compression, the place it registered each decrease highs and better lows. This was indicative of imminent and vital volatility.

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Rationale

Ethereum Classic has steady demand as it consolidated beneath resistance

Supply: ETC/USDT on TradingView

The RSI dipped beneath impartial 50 however has not but dropped beneath 40. This meant bearish momentum had not but change into dominant. The OBV has been rising whilst the worth compressed. This instructed that ETC may dip towards $46-$47 to hunt for liquidity earlier than roaring again northward.

The CVD has been inexperienced for almost all of final week, however on yesterday, it didn’t lean strongly in favor of both the consumers or the sellers. This was additional proof of the compression on the worth charts in current hours.

Conclusion

The OBV confirmed regular and excessive shopping for quantity and the worth was in a section of consolidation earlier than the enlargement. All this was taking place proper beneath a extremely vital resistance degree. This confirmed that, within the subsequent few days, ETC may see a dip towards $46 however was additionally prone to burst previous $50.

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