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- ETC’s bounce from the $21.215 support level showed strong buying pressure at lower levels
- Whale accumulation patterns pointed to a potential for sustained upward momentum
Ethereum Classic [ETC] projected impressive strength after finding a significant support level at $21.215 on the price charts.
Source: Tradingview
At press time, the altcoin was up by 11% in the last 24 hours, painting a convincing bullish picture on the daily time frame. In fact, its price movement has caught the attention of traders and investors alike.
ETC support level validation
The recent bounce from the descending triangle support at $21.215 was not just a typical rebound.
On-chain data revealed that whales have significantly accumulated at this level. Large holders have also maintained significant positions over here, despite earlier market volatility. This institutional confidence provides fundamental backing to the technical setup.
Source: Santiment
Concurrently, AMBCrypto’s analysis of social volume on Santiment alluded to a notable uptick during this rally. This uptick lent credibility to the altcoin’s upward movement on the charts.
Notably, its Social Volume highlighted greater market participation, reaching levels not observed since early June. Such a surge in engagement often precedes sustained price appreciation on an asset’s charts.
Source: Santiment
ETC liquidations point higher
ETC’s breakout from the descending triangle pattern highlighted a potential trend reversal.
Additionally, ETC’s price action seemed to have formed higher lows, while the liquidation heatmap underlined significant short positions clustered around the $24-level. These shorts could fuel further upside momentum if triggered.
Source: Coinglass
Key resistance levels in focus
The resistance level at $25 will be immediately at hand. Previous breaks through this significant resistance level have not succeeded, but this rally looks stronger in terms of social engagement and has massive whale support.
A possible breach might trigger a cascading effect of short squeezes.
Read Ethereum [ETC] Price Prediction 2023-24
This confluence of various indicators highlighted a very bullish outlook for ETC in the short term.
With price targets between $26 and $27, supported by strong liquidation data and increasing buy pressure, the altcoin may be well-placed for further gains. The real battleground lies around $24.50-$25 though. Especially since this significant zone could open up the floodgates for ETC’s rally once breached.
