ETC struggles to find enough bullish momentum- Decoding ‘why’

At least 4 weeks have handed for the reason that Ethereum Classic [ETC] hash fee peaked after Ethereum’s merge. It has pulled again considerably since then and a take a look at its present hash fee reveals some attention-grabbing observations.

Here’s AMBCrypto’s worth prediction for Ethereum Classic (ETC).

ETC had a 126.47 TH/S hash fee on the time of writing, which is a big drop from its 199 TH/S peak hash fee. It has to this point leveled out above 120 TH/S, which signifies that the hash fee is now extra secure on the present degree.

This is an effective signal for the community as a result of its computing energy has grown by greater than six instances its 3-month low.

The ETC hash fee community enhance is a plus for the community. This is as a result of it underscores larger community effectivity ranges, an vital attribute particularly because the community grows.

The hash fee will not be the one factor that has stabilized. ETC’s worth motion additionally did the identical in the previous few days.

ETC’s worth delivered some sideways motion after dropping to the 0.236 Fibonacci degree on the $22 worth zone. This end result confirms that the value discovered assist throughout the similar vary. Nonetheless, ETC didn’t handle to safe enough bullish quantity or momentum to bounce from the Fibonacci vary.

Source: TradingView

ETC had a $22.41 price ticket at press time, after slipping additional down towards the 0.236 Fibonacci retracement line. It was additionally oversold on the time of writing, which suggests there’s now a better likelihood of a big bullish pivot. However, ETC’s cash circulation index didn’t show any indicators of accumulation regardless of the Fibonacci retest.

Can the bulls sum up enough energy?

Ethereum Classic buyers would possibly see some bullish reduction regardless of the dearth of a notable bullish end result. This is as a result of the weighted sentiment metric demonstrated a slight pivot within the final 24 hours, favoring the upside.

1666258915 171 ETC struggles to find enough bullish momentum Decoding ‘why

Source: Santiment

The weighted sentiment pivot confirms that some buyers anticipate a reversal on the Fibonacci degree. It was a slight shift, which implies that many different buyers would possibly nonetheless be on the fence concerning ETC’s subsequent transfer.

Well, the dearth of a robust quantity shift confirms the absence of shopping for stress.

1666258915 102 ETC struggles to find enough bullish momentum Decoding ‘why

Source: Santiment

A sentiment shift accompanied by a quantity spike typically interprets to a noteworthy worth change. ETC’s quantity has been fairly restricted this week and it barely registered an increment within the final 24 hours.

While a bullish pivot would possibly happen on the present degree, it can require a bigger sentiment shift and better shopping for volumes. Failure to obtain this will likely lead to decrease buyers’ confidence and capitulation.

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