Imagine if one could measure a cryptocurrency’s demand level by the strength of its bounceback. Ethereum Classic would have been worth looking at then, especially after its 260% rally from its 2022 lows. the question, however, is – Can it carry the same momentum in its next recovery phase?
ETC’s latest downside resulted in a support retest near the 0.5 Fibonacci level. The bears, at press time, were experiencing friction near this level, thus confirming a slowdown of sell pressure within the $32-price range.Although Ethereum Classic’s press time position looked like a healthy bounceback zone, there is a lack of clarity on the potential outcome. Its volume dropped significantly in the last 24 hours – A sign of a lack of investor excitement.
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