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- ETC’s rebound from the $21,215 support level showed strong buying pressure at lower levels
- Whale accumulation patterns indicated a potential for continued upside momentum
Ethereum classic [ETC] predicted impressive strength after finding a significant support level at $21,215 on the price charts.
Source: Tradingview
At the time of writing, the altcoin was up 11% over the past 24 hours, painting a compellingly bullish picture on the daily time frame. In fact, the price movement has caught the attention of traders and investors alike.
ETC support level validation
The recent rebound from the descending triangle support at $21,215 was not just a typical recovery.
On-chain data showed that whales have congregated significantly at this level. Large investors have also maintained significant positions here, despite previous market volatility. This institutional trust provides fundamental support to the technical design.
Source: Santiment
At the same time, AMBCrypto’s analysis of social volume on Santiment hinted at a notable increase during this rally. This revival lent credibility to the altcoin’s upward movement on the charts.
Social Volume in particular highlighted increased market participation, reaching levels not seen since early June. Such a surge in engagement often precedes a sustained price increase on an asset’s charts.
Source: Santiment
ETC liquidations point higher
ETC’s breakout from the descending triangle pattern highlighted a potential trend reversal.
Furthermore, ETC’s price action appeared to have reached higher lows, while the liquidation heatmap underlined significant short positions around the $24 level. These shorts could create further upside momentum if activated.
Source: Coinglass
Important resistance levels in view
The $25 resistance level will be nearby immediately. Previous breakthroughs through this significant level of resistance have failed, but this rally appears to be stronger in terms of social engagement and has huge support for the whales.
A potential breach could trigger a cascading effect of short squeezes.
Read Ethereum [ETC] Price prediction 2023-24
This confluence of several indicators highlighted a very bullish outlook for ETC in the near term.
With price targets between $26 and $27, supported by strong liquidation data and increasing buying pressure, the altcoin could be well positioned for further gains. However, the real battleground is around $24.50-$25. Especially since this key zone could open the floodgates for ETC’s rally once it is breached.