Attention! Get ready for the move, folks! Because today we are going to unravel the mystery behind the tremendous 17% jump of Ethereum Classic, which took it to its highest point in six months, reaching $25.59! 🚀
It turns out that while other cryptos are in "relax" mode, ETC got energized and buyers came in full force. Yes, you read that right! On July 18, more than $3.57 million of ETC were bought, exceeding sales. And the next day, the story repeated itself. This means people are betting hard on this coin! 📈
But beware, not everything is rosy. 🤨 Although prices are rising, people are betting against the rise with futures contracts! 🤔 Yes, open interest and the volume of derivatives skyrocketed, but most positions are "short." This means there are many who believe the price will fall, so they are ready to take advantage of that drop! 📉
Moreover, a lot of people who had their ETC stored and weren't seeing profits took the opportunity to cash out! 💰 There were $10.37 million flowing out of the platforms, indicating that investors are taking profits like crazy. Historically, when this happens, the price tends to feel the pressure and drop! 😬
So, what's going to happen? Technical indicators like the RSI are at "overbought" levels, which means the coin is very hot and there could be volatility. 🔥 If buyers keep pushing hard, ETC could rise to $29. But if they get tired or if those short bets gain strength, we might see a pullback to $20.80. So let's stay alert! 👀
The million-dollar question is: Can the "bulls" (those betting on the rise) maintain their strength, or will the "bears" (those betting on the fall) strike? Only time will tell! ⏳