Ethereum Classic arrived in the marketplace as a hardfork outcome of the Ethereum (ETH) split in 2016, and it appears to remain in touch with the dominant alt. ETC climbed to new highs some hours after Ethereum concluded the Goerli testnet.
July sessions saw Ethereum Classic hitting a 3-month peak after Ether’s previous testnet before the Goerli. Indeed, the Merge looks to be a determiner in ETC’s subsequent rallies.
While publishing this news ETC changed hands at $43, gaining more than 10% within the past day. Meanwhile, the price levels represented the highest for the alt since March’s final week.
Up Against Leaders
Though ETC’s current price remains far from the $134.85 ATH, the meme coin surged against the leading two assets in market cap. Coinmarketcap’s data shows Ethereum Classic recorded a 12.07% upswing over Bitcoin and gained about 9.30% against Ether.
The latest rally could prove that Ethereum Classic’s predicted bullish cue wasn’t a freak. Though the surge, ETC didn’t enjoy increased attention, with the social dominance remaining somewhat neutral. Nevertheless, the volume noted about a 100% uptick (Santiment data).
Short Path to Stupor
This development accounted for some massive liquidations in the cryptocurrency market between August 11 and 12. CoinGlass data shows Ethereum Classic ranked 4th with most liquidations during this publication.
As anticipated, ETC shorts suffered the most from these liquidations. Starts from analytic sites showed $9.28 million shorts saw liquidations in this phase. The data indicated liquidations from FTX, Binance, Huobi, CoinEX, OKEx, Bitfinex, and Bybit.
The situation was relatively better for long traders as liquidations within that phase stayed at $4.51 million. Considering these events, should market players anticipate a long upside while waiting for the final Merge?
The Answer
The ETC/USDT’s 4hr chart shows an increased investor trust in Ethereum Classic. The CMF (Chaikin Money Flow) confirmed a surge in buyer control, the value standing near 0.10.
For now, the Exponential Moving Average stance suggests continued bullish action for Ethereum Classic. The 20-dayEMA outshined the 50EMA in strength, confirming that the altcoin might sustain the upside momentum.
The 4hr timeframe also shows ETC might see a brief plunge in the long term as the 200EMA exhibit a downside trend. Nevertheless, the 200EMA position remained near the 50EMA stance, translating to potential ETC price surges as the ETH Merge approaches the finale.