- The Ethereum Classic whales are back, but the momentum is off to a slow start
Ethereum Classic [ETC] The card has joined the list of top market winners in the last 24 hours. Several altcoins found favor with the bulls this week, with a few also showing some upside. This rise was also supported by a significant increase in the market capitalization. Now, while that may not seem so important, here’s why it’s the other way around.
Read Ethereum Classic [ETC] Price forecast 2023-2024
Consider this – a look at ETC’s market cap revealed that it recently fell to a new 4-month low.
However, the subsequent procedure is of particular importance. The ETC market cap has rebounded by as much as $320 million in the past four days.
Why is this important for the Ethereum Classic network?
Well, apart from the fact that ETC has been among the biggest gainers in the market over the past 24 hours, it confirms the strong investor interest. The fact that ETC could see a market cap increase of over $300 million is confirmation of the strong incoming demand. Especially given the short time frame.
The rise in ETC’s market capitalization has been supported by an increase in volume over the same time period. However, it should be noted here that the increase in size was very limited. This is a sign of lower hash accumulation to support the rally. In other words, the march was supported by a lot of campaign activity.
Can ETC Maintain Its Current Momentum?
Investors should note that the recent bullish trend is largely related across the cryptocurrency market. In other words, the ability of Ethereum Classic to continue to provide bullish momentum will depend on the overall market sentiment.
However, the recent bullishness for ETC has been supported by a significant shift in sentiment. Weighted sentiment has been on the rise for the past three days, confirming the bullish outlook among investors.
She didn’t have quite the same amount of power, compared to the previous rebound feelings. This may be because most investors are still uncertain about the state of the market, especially after the events that caused the recent crash.
However, here is what investors should note about the price movement of Ethereum Classic. Electoral activity was relatively absent for most of November. Thus, the return of electoral activity is a good sign that the mood is changing positively.
Also worth noting is the price point at which whales buy back. Ethereum Classic has been trading inside a descending support and resistance channel since August. As the pattern continues to extend, the probability of the pattern breaking increases.
The prevailing momentum was slow. However, if the market continues to recover, there is a possibility that it could break below the descending resistance line.