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A $300M addition for Ethereum Classic [ETC] is a sign of…

A $300M addition for Ethereum Classic [ETC] is a sign of...

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  • Ethereum Classic whales are back, but the momentum is off to a slow start

Ethereum Classic [ETC] briefly joined the market’s list of winners in the last 24 hours. Many altcoins have found favor with the bulls this week, and many are enjoying a rally as well. This rally was also supported by a significant increase in its market values. While that might not seem like much, here’s why it’s the other way around.

Read Ethereum Classic [ETC] Price forecast 2023-2024

Consider this – looking at ETC’s market cap, we found that it recently hit a new 4-month low.

However, it is the later actions that are particularly interesting. ETC’s market cap recovered by as much as $320 million in the last 4 days.

Source: Santiment

Why is this important to the Ethereum Classic network?

Well, apart from the fact that ETC has been among the gainers in the market over the past 24 hours, it highlights strong investor interest. The fact that ETC is able to raise a market cap of more than $300 million is confirmation of strong future demand. Especially considering the short time.

The increase in ETC’s market values ​​was supported by the increase in volume during the same period. However, it should be noted here that the increase in volume was quite limited. This is a sign that the retail build-up to support the rally was small. In other words, the demonstration was supported by significant whale activity.

Ethereum Classic volume

Source: Santiment

Can ETC maintain its current momentum?

Investors should note that the latest rally is largely correlated across the crypto market. In other words, Ethereum Classic’s ability to continue its upward momentum depends on the general mood of the market.

Nevertheless, ETC’s latest rally was supported by a significant shift in sentiment. Its weighted sentiment rose in the past 3 days, confirming bullish outlook for investors.

Ethereum Classic weighted sentiment

Source: Santiment

It didn’t have that much vitality compared to how it felt before. This may be because most investors are still uncertain about the state of the market, especially after the events that caused the recent crash.

That being said, investors should take note of Ethereum Classic’s price action. Whale activity has been relatively low for most of November. The recovery of whale activity is therefore a good sign that confirms that the sentiment is changing favorably.

The price point at which whales buy back is also worth noting. Ethereum Classic has been trading in a downward trending support and resistance channel since August. As the pattern continues, the probability of the pattern breaking is greater.

The prevailing pace has been slow. However, if the market continues to recover, there is a chance that it will break below its descending resistance line.

Ethereum Classic price action

Source: TradingView

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