Ethereum Classic’s Price PredictionBulls and bears skirmished at the range boundaries, and a breakout toward $26 was not yet in motion for ETC. Once this occurs, bulls can look to buy a retest of the range highs. In the meantime, traders can look for opportunities within the range.Ethereum Classic traded within a range from $20 to $23.88, with the mid-point at $21.94. Marked in orange, these are the three levels that have been important over the past two weeks.
The 4-hour RSI stood at neutral 50, and the CMF was at zero. Neither indicator showed any favor to the bulls or the bears as ETC traded at the mid-range mark at the time of writing. Taking a position, long or short, at this level could be risky without significant momentum and volume on the lower timeframes such as 1-hour or lower.On the daily timeframe, ETC flipped the market structure to bullish after breaking above the lower high at $16.75. It surged above $18.
Meanwhile, the futures market saw a fall in Open Interest. This has been a steady feature in the past ten days. Even when ETC bounced from the lows at $20 on January 19, OI did not register sizeable gains. This indicated weak bulls, and the next step could be emboldened bears. A rise in OI alongside a drop below $20 could precede a flip to bearish dominance.
On January 24, ETC fell from $22.42 to reach $20.56 within a 4-hour trading session. This session saw $1.7 million worth of long positions liquidated. At press time, the bulls wrestled with the $21.94 level. The long positions being liquidated may be followed by an ascent back to the range highs.Subscribe to get it daily in your inbox.
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