The post Ethereum Classic (ETC) May Be Gaining Bullish Momentum Following Support Level Bounce appeared on BitcoinEthereumNews.com.

The significant uptick in Ethereum Classic’s price indicates a potential shift in market sentiment, as ETC rallies off a crucial support level. Recent whale accumulation suggests a strategic positioning by large investors who may be anticipating further gains in the altcoin’s price. According to COINOTAG, “The support level at $21.215 has proven itself as a critical point for buyers to step in,” highlighting the bullish momentum. Ethereum Classic (ETC) is witnessing a potential price surge backed by whale accumulation and strong trading signals, prompting investor interest. Technical Analysis of ETC’s Surge and Support Level Ethereum Classic (ETC) has shown remarkable resilience, bouncing off the $21.215 support level. This movement reflects robust buying activity, signaling confidence among traders. In just 24 hours, ETC recorded an impressive 11% increase, suggesting that market participants are engaging with this altcoin more actively than in recent months. The consolidation around the $21.215 mark is not merely a random fluctuation; it has been reinforced by significant proposals from large holders, or whales, who accumulated at this level despite previous market instability. This backing serves not only as technical support but also as fundamental evidence of confidence in ETC’s future trajectory. Source: Tradingview Whales Begin Accumulation at Key Levels On-chain analysis reveals that whales have demonstrated significant accumulation activities at the support level of $21.215. This recent trend in whale investment suggests an underlying confidence that could support a rally. Notably, institutional investors appear to be holding firm, suggesting that the support level is solidifying as a key battleground. Furthermore, the social engagement metrics from Santiment indicate a surge in community interest, reaching numbers not seen since early summer. Increased social volume is often a precursor to price movements, further substantiating the bullish outlook for ETC. As more traders become involved, we may see upward pressure on…

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Filed under: News - @ November 17, 2024 7:16 am