{"id":142047,"date":"2023-09-01T20:24:12","date_gmt":"2023-09-01T14:54:12","guid":{"rendered":"https:\/\/dripp.zone\/news\/?p=142047"},"modified":"2023-09-01T20:24:12","modified_gmt":"2023-09-01T14:54:12","slug":"etc-rebounds-is-the-recovery-sustainable-crypto-news","status":"publish","type":"post","link":"https:\/\/dripp.zone\/news\/etc-rebounds-is-the-recovery-sustainable-crypto-news\/","title":{"rendered":"ETC rebounds &#8211; Is the recovery sustainable? &#8211; Crypto News"},"content":{"rendered":"<p><\/p>\n<div>\n<p><i><span style=\"font-weight: 400\">Disclaimer: The information presented does not constitute financial, investment, trading, or other types of advice and is solely the writer\u2019s opinion.<\/span><\/i><\/p>\n<ul>\n<li style=\"font-weight: 400\"><em><span style=\"font-weight: 400\">ETC rebounded from a crucial long-term support.<\/span><\/em><\/li>\n<li style=\"font-weight: 400\"><em><span style=\"font-weight: 400\">Demand in the derivatives market was muted.<\/span><\/em><\/li>\n<\/ul>\n<p><a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/ambcrypto.com\/search\/ETC\" data-wpel-link=\"internal\"><span style=\"font-weight: 400\">Ethereum Classic [ETC]<\/span><\/a><span style=\"font-weight: 400\"> rebounded from critical long-term support of $14.7 \u2013 $16.2 (cyan). The support zone has led to three consecutive price recoveries. But the recent recovery could face significant headwinds. <\/span><\/p>\n<hr \/>\n<p style=\"text-align: center\"><span style=\"font-weight: 400\">Is your portfolio green? Check out the <\/span><a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/ambcrypto.com\/calculator\/ethereum-classic-profit-calculator\" data-wpel-link=\"internal\"><span style=\"font-weight: 400\">ETC Profit Calculator<\/span><\/a><span style=\"font-weight: 400\">\u00a0<\/span><\/p>\n<hr \/>\n<p><span style=\"font-weight: 400\">In the meantime, <\/span><a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/ambcrypto.com\/search\/BTC\" data-wpel-link=\"internal\"><span style=\"font-weight: 400\">Bitcoin\u2019s [BTC]<\/span><\/a><span style=\"font-weight: 400\"> recovery was blocked at $26.8k and could ease to $26k before attempting another rebound.\u00a0<\/span><\/p>\n<h4>ETC\u2019s recovery hurdles<\/h4>\n<div id=\"attachment_338135\" style=\"width: 1960px\" class=\"wp-caption aligncenter\"><a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/statics.ambcrypto.com\/wp-content\/uploads\/2023\/08\/ETCUSDT_2023-08-24_12-27-41.png\" data-wpel-link=\"internal\"><img loading=\"lazy\" decoding=\"async\" aria-describedby=\"caption-attachment-338135\" class=\"size-full wp-image-338135\" src=\"https:\/\/statics.ambcrypto.com\/wp-content\/uploads\/2023\/08\/ETCUSDT_2023-08-24_12-27-41.png\" alt=\"\" width=\"1950\" height=\"1109\" \/><\/a><\/p>\n<p id=\"caption-attachment-338135\" class=\"wp-caption-text\">Source: ETC\/USDT on TradingView<\/p>\n<\/div>\n<p><span style=\"font-weight: 400\">As illustrated by the above daily chart, the support zone, cyan, led to a recovery in January, March, and June. So, it\u2019s a crucial long-term support that has seen massive demand whenever price action retested it.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400\">However, the expected fourth recovery could be delayed and derailed by obstacles. The CMF was above the zero threshold, meaning that capital inflows were substantive.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400\">But the RSI hadn\u2019t crossed the 50-median mark, demonstrating improved but not-so-strong buying pressure as of the time of writing.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400\">The first overhead hurdle for ETC bulls is the price imbalance and FVG (fair value gap) of $16.7 \u2013 $17.4 (white). In addition, there exists a previous support-cum-resistance zone of $17.8 \u2013 $18.6 (red) above the FVG.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400\">So, the recovery towards the $20 psychological level contains key hurdles that could derail bulls.\u00a0<\/span><\/p>\n<h4>Muted demand in the futures market<\/h4>\n<div id=\"attachment_338136\" style=\"width: 1788px\" class=\"wp-caption aligncenter\"><a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/statics.ambcrypto.com\/wp-content\/uploads\/2023\/08\/ETC-funding-rates.png\" data-wpel-link=\"internal\"><img loading=\"lazy\" decoding=\"async\" aria-describedby=\"caption-attachment-338136\" class=\"size-full wp-image-338136\" src=\"image\/svg+xml,%3Csvg%20xmlns=\" alt=\"\" width=\"1778\" height=\"1006\" data-lazy-srcset=\"https:\/\/statics.ambcrypto.com\/wp-content\/uploads\/2023\/08\/ETC-funding-rates.png 1778w, https:\/\/statics.ambcrypto.com\/wp-content\/uploads\/2023\/08\/ETC-funding-rates-300x170.png 300w, https:\/\/statics.ambcrypto.com\/wp-content\/uploads\/2023\/08\/ETC-funding-rates-1024x579.png 1024w, https:\/\/statics.ambcrypto.com\/wp-content\/uploads\/2023\/08\/ETC-funding-rates-768x435.png 768w, https:\/\/statics.ambcrypto.com\/wp-content\/uploads\/2023\/08\/ETC-funding-rates-1536x869.png 1536w\" data-lazy-sizes=\"(max-width: 1778px) 100vw, 1778px\" data-lazy-src=\"https:\/\/statics.ambcrypto.com\/wp-content\/uploads\/2023\/08\/ETC-funding-rates.png\" \/><img loading=\"lazy\" decoding=\"async\" aria-describedby=\"caption-attachment-338136\" class=\"size-full wp-image-338136\" src=\"https:\/\/statics.ambcrypto.com\/wp-content\/uploads\/2023\/08\/ETC-funding-rates.png\" alt=\"\" width=\"1778\" height=\"1006\" \/><\/a><\/p>\n<p id=\"caption-attachment-338136\" class=\"wp-caption-text\">Source: Coinalyze<\/p>\n<\/div>\n<p><span style=\"font-weight: 400\">The demand for ETC was dismal in the futures market, as the Open Interest (OI) indicated. The OI measures opened contracts, thus capturing demand, liquidity, and overall market sentiment.\u00a0<\/span><\/p>\n<hr \/>\n<p style=\"text-align: center\"><span style=\"font-weight: 400\">Read <\/span><a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/ambcrypto.com\/predictions\/ethereum-classic-price-prediction\" data-wpel-link=\"internal\"><span style=\"font-weight: 400\">Ethereum [ETC] Price Prediction<\/span><\/a><span style=\"font-weight: 400\"> 2023-24\u00a0\u00a0<\/span><\/p>\n<hr \/>\n<p><span style=\"font-weight: 400\">Notably, the metric has registered a solid bounce after dropping in mid-August.<\/span><\/p>\n<p><span style=\"font-weight: 400\">Besides, funding rates wavered as CVD (Cumulative Volume Delta) descended gently, further confirming muted demand and a lack of bulls\u2019 edge in the market. Therefore, recovery could face challenges.\u00a0\u00a0<\/span><\/p>\n<\/p><\/div>\n","protected":false},"excerpt":{"rendered":"<p>Disclaimer: The information presented does not constitute financial, investment, trading, or other types of advice and is solely the writer\u2019s opinion. ETC rebounded from a crucial long-term support. Demand in the derivatives market was muted. Ethereum Classic [ETC] rebounded from critical long-term support of $14.7 \u2013 $16.2 (cyan). The support zone has led to three [&hellip;]<\/p>\n","protected":false},"author":2,"featured_media":142048,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[5],"tags":[230,225,221,227,226,228,229,60,223,224,222],"class_list":["post-142047","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-cryptocurrency","tag-brave","tag-coinbase","tag-crypto","tag-decentralised","tag-decentralized","tag-decentralized-exchange","tag-erc-20","tag-featured","tag-meme-coin","tag-robinhood","tag-solana"],"_links":{"self":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/142047","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/comments?post=142047"}],"version-history":[{"count":2,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/142047\/revisions"}],"predecessor-version":[{"id":146760,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/142047\/revisions\/146760"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/media\/142048"}],"wp:attachment":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/media?parent=142047"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/categories?post=142047"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/tags?post=142047"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}