- The Ethereum Classic crypto has witnessed huge long liquidation in the last 24 hours.
- The ETC crypto price has given a return of 24.8% in the last 14 days.
Ethereum Classic is a blockchain platform that supports smart contracts and dApps. It is based on the original Ethereum code and values immutability and censorship resistance. ETC is the native token that can be used for various purposes. Ethereum Classic was created after a dispute over the DAO hack.
The Ethereum Classic has a volume/market cap of 7.87% and the circulating supply of the crypto is 145.16 Million ETC. The crypto market cap has declined by 4.6% in the last 24 hours.
The total supply of the Ethereum Classic is 210.7 Million ETC and the fully diluted market cap of the crypto is $4.96 Billion. Also, the market cap value of the Ethereum Classic crypto is $3.146 Billion
The market cap ranking of the ETC crypto is 24th and the trading volume of the crypto has advanced by 38.4% resulting in a traded volume of $280.4 Million. The stablecoins market cap of the Ethereum Classic is $23.7K.
Ethereum Classic Crypto Derivatives Analysis
Source: Coinglass
The Ethereum Classic crypto has witnessed a long liquidation of $797.07K against the short liquidation of $114.87K. The derivatives trading volume of the crypto further has advanced by 58.7%.
Moreover, the open interest of the crypto has declined by 4.7% and the long/short ratio of the crypto is 0.926.
ETC Crypto Technical Analysis
Following a descending triangle pattern, the price of the ETC crypto has broken above the pattern but is lacking volume. The following behavior of the price indicates the possibility of fake breakout.
If the price of the crypto sustains above the level of $24.5, might witness further advance in the price. Also, if the price of the crypto fails to sustain above the level and breaks below the level of $12.5. The stock might continue a downtrend.
ETC/USD Chart by TradingView
The moving averages on the daily chart of ETC crypto are giving a positive signal as the 50-Day and the 200-Day EMAs are trading in a golden cross.
The MACD on the other is trading in a bearish cross above the zero level indicating mild bearishness on the chart. If the value of the signal line breaks below the zero level, we might witness a further decline in ETC crypto price.
The RSI declining from the overbought zones is taking support at 50-level. Further, the RSI value has declined below the 14-Day SMA.
Summary
The ETC price has broken above a descending triangle but lacks volume and momentum. The technical indicators show signs of weakness and a possible reversal. The crypto has seen more long liquidation than short liquidation indicating sellers’ dominance.
Disclaimer
This article is for informational purposes only and does not provide any financial, investment, or other advice. The author or any people mentioned in this article are not responsible for any financial loss that may occur from investing in or trading. Please do your research before making any financial decisions.