Disclaimer: The information presented does not constitute financial, investment, trading, or other kind of advice and is solely the opinion of the author.
- Ethereum Classic traded in range.
- Range highs and range lows could be significant in the coming days.
Bitcoin It continues to consolidate near $23,000. Despite the bullish trend, a drop towards $22.4k cannot be ruled out. ethereum classic There is also a bullish bias for the higher timeframes. But in the short term, only three levels mattered.
read Ethereum Classic Price Prediction 2023-24
The bulls and bears have skirmished on the range boundary and ETC has yet to make a breakout move towards $26. When this happens, the bulls may look to buy a retest of the upper range. Meanwhile, traders can look for opportunities within the range.
The midpoint of the range meant R: R was the worst at this point
Ethereum Classic traded between $20 and $23.88, with the midpoint at $21.94. Marked in orange are his three levels of importance over the past two weeks. Traders on shorter timeframes can go long revisiting range lows and short range highs testing.
how much Equivalent to 1, 10, 100 ETC today?
Trading and analysis can be very simple, and this is one of them. Ethereum Classic has a bullish bias for the higher timeframes, but price action over the past two weeks points to a correction. A breakout above $24 or a reversal below $20 is yet to be confirmed.
The 4-hour RSI was neutral 50 and the CMF was zero. Neither indicator was favorable to either the bulls or the bears as ETC was trading at the mid-range mark at the time of writing. Taking long or short positions at this level can be risky without significant momentum and volume on lower timeframes such as 1 hour or less.
Drops in OI and CVD highlight bearish sentiment
In the daily timeframe, ETC reversed the market structure bullishly after breaking the low of $16.75. He broke out of $18.45 on Jan. 4 and retested the same level as the support a day later. So, despite his 2-week range currently trading, the bias remains bullish until ETC breaks below his $19.5.
Meanwhile, open interest fell in the futures market. This has been a stable feature for the last 10 days. Even when the ETC rebounded from his $20 low on Jan. 19, the OI did not register a significant rise. This indicates a weak bull market and the next step could be a bold bear market. A rise in the OI below $20 may precede a reversal of bearish dominance.
On January 24th, ETC fell from $22.42 to $20.56 in a four-hour trading session. $1.7 million worth of long positions were liquidated during this session. At press time, the bulls were battling the $21.94 levels. After the long position is liquidated, it may move up to the highs of the range.