![Ethereum Classic [ETC] nears key roadblock — Is a reversal likely?](https://www.breakingaltcoinnews.com/wp-content/uploads/2023/09/image-1200x900-46-1000x600.png)
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Disclaimer: The knowledge introduced doesn’t represent monetary, funding, buying and selling, or different kinds of recommendation and is solely the author’s opinion
- ETC was headed to an important roadblock above $15.50 at press time.
- Funding fee fluctuations continued, and the H12 market construction was nonetheless bearish.
Ethereum Classic [ETC] recorded a modest restoration within the second week of September. The altcoin was up 2% on weekly efficiency and traded at $15.39 at press time. Nonetheless, the restoration was headed to an important roadblock and will appeal to sellers.
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In the meantime, Bitcoin [BTC] was additionally dealing with a roadblock on the $27k mid-range. If BTC surges above the mid-range, ETC might clear this roadblock.
Can sellers exploit this roadblock?
Supply: ETC/USDT on TradingView
The resistance zone and beforehand invalidated H12 bullish order block exists at $15.58 – $16.0 (purple). The realm has been a key hurdle within the first half of September and all the time led to a worth rejection to $15.20 or $14.50.
If the development repeats, ETC might head decrease, presenting a shorting alternative with a potential entry at $15.50 and take-profit at $15.20. Such a transfer might current brief sellers with a 2% achieve.
Nonetheless, a detailed above $15.70 and a transfer past the roadblock at $16.0 will invalidate the brief concept. Such an upswing will flip the H12 market construction to a bullish bias and tip bulls to focus on the $17 degree after clearing the following hurdle at $16.11.
In the meantime, the Relative Power Index (RSI) crossed the median mark at press time however might see a reversal if sellers exploited the above roadblock. Alternatively, the Chaikin Cash Move (CMF) headed southwards in the direction of the zero mark, indicating capital inflows eased up to now few days.
Funding charges fluctuated
Supply: Coinalyze
In keeping with Coinalyze, the ETC recorded fluctuating funding charges up to now few days, underscoring wavering sentiment. The Open Rates of interest additionally wavered up to now two days, indicating demand fluctuated too.
How a lot are 1,10,100 ETCs worth today?
In addition to, the Cumulative Quantity Delta (CVD) retreated decrease between 9/11 September and hasn’t fronted significant restoration. This exhibits that sellers couldn’t be neglected as they nonetheless had market affect and will inflict a worth reversal.
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