Ethereum Classic Suddenly Rebounds 11%, This Might Be Reason

Jan 05,2023
Ethereum Classic Suddenly Rebounds 11%, This Might Be Reason

ETC, the local asset of the Etherum Classic franchise, suddenly printed a very large emerald green daily candlestick, whose price rebounded from yesterday's low of $15.64. The increase pushed ETC's share price to an intraday high of $18.18, which seems to be a major hindrance.

As of the time of submission, ETC's share price has risen 12.09% to $18 in the past 24 hours. Ether derivatives are also up 17.42% in the past week.

According to the blockchain technology to analyze the data information of enterprise Santiment, Etherum Classic itself is still enjoying a relatively good rebound. It further added, "not only is the trading volume very large, but also the traders in the trading center are still very bearish."

ETC turnover has soared 238 per cent in the past 24 hours, according to CoinMarketCap.

Therefore, that part of the recent sharp rise may be due to empty single extrusion molding. It is more common that "short sheet squeezing" also occurs when many traders are bearish on an asset and its price soars. Short selling is generally caused by large-scale short selling of assets.

Before the etheric joint theme event held in mid-to-late September, etheric classics was the company with the biggest increase. After sparing no effort to work together and the hot spots dissipated, the price of ETC fell steadily, losing nearly half of its value. By comparison, on the day of the etheric deal, ETC sold for close to $38.

At the technical level, if Etherum Classic wants to continue to rise, it must raise the short-term mark above US $18, and the short-term target of US $24 is in sight.

At other news reporting levels, the core of ETC's collaboration shows that it has changed Etherum Classic Mainnet's RPC URL from Ethercluster to Rive. A notice of work in an article states that Ethercluster RPC terminal equipment will be shut down on July 1, 2023.