Ethereum Classic: Traders on the Fence Might Enjoy This About ETC
Ethereum Classic ended September 2nd-half on bearishness, pushing ETC to retest support. Meanwhile, the bearish pressure weakened, but the altcoin remains lower after a failed rebound from support. ETC bears showcased massive strength until September 22.
That saw the altcoin retesting the $27.88 support at the 38.2 FIB level. September’s final week noted a bullish move that failed to overcome $30. Consequently, Ethereum Classic wavers around the FIB mark since then.
ETC’s actions around the support level confirmed some buying momentum behind the altcoin. Nevertheless, the decline since early September showed that bears dominated. Keeping such tendencies might see the alternative token heading towards the foothold near $25.
Ethereum Classic’s MACD (Moving Average Convergence Divergence) also highlighted a notable indication that could mean an impending pivot. Bullish volumes tapered. And that might suggest a chance for bulls to dominate.
The Moving Average Convergence Divergence line neared a cross beyond the signal line, a move that would confirm bullish volumes. Also, some token’s on-chain metrics emphasized bullish pivot favoritism. Ethereum Classic’s development activity index recorded a minor surge since early October.
Traders on the fence could perceive this as a lucrative signal for the alt’s next move. The same developer index recorded some outflows over the past two days, though retained considerably higher levels than September-end lows. That confirmed lucrative development activity for ETC. Unfortunately, that didn’t massively impact investor sentiment.
Revival after September?
The weighted sentiment index recorded a brief upswing since early October. Unfortunately, any emerging sentiment change did little for Ethereum Classic’s price action. The weighted sentiment recorded a swift upsurge at September end, regardless of press time action.
That signals that some market players could perceive the present price zones as lucrative entry points. Moreover, derivatives market demand could have initiated a recovery despite the token’s failure to rebound from the FIB retracement mark.
FTX and Binance funding rates recorded impressive actions within the past three days. That showed faded buying pressure within the spot market, supporting directing relationship with derivatives market demand. Meanwhile, the tapering decline signaled an impending bullish takeover. Nevertheless, an absence of triggers to back this surge could mean traders are waiting for FUD to disappear.
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