ETC trading activity heats up – Will it be a hedge against a bearish ETH?
The post ETC trading activity heats up – Will it be a hedge against a bearish ETH? appeared on BitcoinEthereumNews.com.
Ethereum Classic’s trading volume surged to 584.46M, signaling rising investor interest amid ETH’s declining strength. ETC held above the key $22.50 support while ETH struggled below its 50-day moving average, raising questions about market shifts. Ethereum Classic [ETC] has seen a slightly better trend than Ethereum [ETH] of late, leading to speculation that it could be absorbing the liquidity that the latter is losing. With both assets showing contrasting price movements and volume trends, investors question whether ETC is emerging as a viable alternative to ETH. Ethereum Classic’s price action: A mixed trend Ethereum Classic traded at $24.54 at press time, reflecting a 1.72% intraday decline. The price chart highlighted that ETC had entered a consolidation phase after a strong December rally, trading below its 50-day moving average of $26.87 and above the 200-day moving average of $23.15. The fact that it remains above the 200-day MA suggests that ETC is still in a long-term uptrend despite short-term bearish movements. Source: TradingView ETC’s recent price action has been marked by lower highs, which could indicate waning bullish momentum. However, support at the $22.50 level remains strong, suggesting a bounce could occur if the broader market stabilizes. ETH’s loss, ETC’s gain? On the other hand, Ethereum traded at $3,090.12 at the time of writing, showing a 0.86% decline for the day. While ETH remained in a broader uptrend, it struggled to hold key support levels. The 50-day moving average was $3,377.56, while the 200-day moving average was $2,984.10. A breach below the 50-day MA signaled a potential loss of short-term momentum, making Ethereum vulnerable to further downside pressure. Notably, Ethereum’s trading volume has been tapering off, with Santiment’s volume chart indicating reduced participation from traders. This weakening interest could explain why some investors are shifting their focus toward Ethereum Classic, which…
Filed under: News - @ February 2, 2025 3:14 pm