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Ethereum Classic: This metric could be a game changer for ETC and its investors

Ethereum Classic: This metric could be a game changer for ETC and its investors
  • Ethereum Traditional sees sharp drop in market cap suggesting a rise in promote stress
  • ETC investor sentiment noticed a change and favored the coin on the time of writing

Ethereum Traditional [ETC] retested its short-term descending resistance line final week. The worth delivered a sideways efficiency reasonably than a bearish retracement or a bullish breakout. Quick ahead to the current and at press time, ETC confirmed indicators of value slippage.

Examine Ethereum Traditional’s [ETC] value prediction 2023-2024

ETC has been buying and selling alongside the resistance line for the previous couple of days and up to date observations level towards a possible bearish final result. A kind of observations was market cap outflows. ETC’s market cap fell by roughly $82 million within the final 24 hours on the time of writing.

Ethereum Classic market cap

This was the biggest each day drop in market cap that the cryptocurrency skilled within the final seven days. Moreover, the bearish remark wasn’t the one indicator of Ethereum Traditional’s bearish begin.

The social dominance metric additionally witnessed a big downfall within the final 24 hours. This indicated that investor consideration was shifting elsewhere.

Ethereum Classic social dominance and Binance funding rate

Supply: Santiment

The Binance funding fee additionally tanked considerably particularly within the final two days. This confirmed that the demand within the derivatives market additionally subsided.

Ought to traders count on a deeper ETC crash?

The market cap drop and different metrics pointed in the direction of a bearish bias. Whereas this seems to be like the beginning of a bearish retracement, there have been some components that stood for ETC whereas some that stood in opposition to it. One of many key components suggesting a big probability of a bearish final result was ETC’s value motion.

ETC was down by roughly 5% within the final two days. Whereas this would possibly look like a small drop, the important thing takeaway was that it threatened to push the value again into the slender help and resistance vary.

Ethereum Classic price action

Supply: TradingView

Buyers can count on a powerful bearish efficiency if the selloff gained traction, leading to extra outflows. Alternatively, there was nonetheless a big likelihood that ETC whales could scoop up extra ETC. This might doubtlessly help a bullish bounce.

The principle cause why there was a probability of a powerful bullish bounce was the truth that investor sentiment witnessed a change of coronary heart. Nevertheless, weighted sentiment nonetheless witnessed an upsurge regardless of the general draw back.

Ethereum Classic weighted sentiment

Supply: Santiment

What’s ETC’s ultimate stance?

There was little question that Ethereum Traditional seemed bearish at press time. Nevertheless, the weighted sentiment may very well be a game-changer so far as expectations have been involved.

If investor sentiment continues rallying, then it means we’d see vital accumulation. Such an final result will doubtless cushion ETC from extra draw back and doubtlessly favor the bulls.

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