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Shorting Ethereum Classic: Will Sellers Have Another Chance?

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Ethereum price
Ethereum price

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Unless otherwise noted, the information presented is solely the writer’s opinion and does not constitute financial, investment, trading, or other types of advice.

In ETC, price rejections have been consistent near $15.60. Liquidation data discouraged long positions.

Ethereum Classic (ETC) has been stuck in a narrow price consolidation between $15.20 and $12.60 in September. Traders could profit from range extremes if the range extends.

At press time, the Bitcoin (BTC) price was rejected at $26.4k and retreated to the range-low of $25.7k.
If BTC defends its range-low and reverses recent losses, ETC might be able to edge higher to the $15.60 roadblock. If the price is rejected again, there may be shorting opportunities at the $15.60 roadblock.

$15.60 Roadblock: Can Sellers Exploit It?

Source: Tradingview

In the first week of September, ETC oscillated between $15.60 and $15.20 on the 4-hour chart. On 29 August, an invalidated bullish order block (OB) of $15.58 – $16.00 (red) formed on the 12-hour chart during the sticky resistance and range high of $15.60.

Below the invalidated bullish OB was the H4 50-EMA (Exponential Moving Average). Consequently, the area above $15.5 could be considered bearish. As a result, there seems to be a chance that the price will rebound from the range-low of $15.20 but could then be rejected at the range-high.

A shorting opportunity would exist in that case, with a take-profit at $15.20 and an entry position at $15.55. A close above $15.70 on the 4-hour chart, followed by a move above $16.0, would invalidate the short.

As a result, the CMF retreated south and breached the zero level, indicating a decline in capital inflows. Further, the RSI registered a downward trend at press time, reinforcing the elevated pressure to sell.

If sellers wait for a reversal and rejection at range-high, they may be able to make a move.

It’s Still Bearish

Source: Coinglass

Regarding liquidations, ETC recorded more long liquidations on the 4-hour timeframe as of press time. Press time saw more than $160k longs rekt against 0 shorts, reinforcing strong bearish pressure.

4-hours before press time, the crypto market saw a total liquidation of $25 million. There were $23 million in rekt longs, representing over 75% of liquidations, which reinforces the bearish bias in the short term.

ETH Alternatives

As the outlook for ETH is grim, investors may want to consider alternative tokens that have better upside potential for the short term. Presales for Wall Street Memes are nearing their conclusion as the community awaits the listing on major exchanges. To boost the credibility and authenticity of the project, the team has been listed on top trading platforms.

In the presale phase, the native WSM token is sold for $0.0337, and more than $25 million has been raised from early investors. If WSM’s shares are listed on exchanges, its value could rise significantly.

Also, Wall Street Memes emphasize community, a vital aspect of the crypto industry. A vibrant community is supporting the project as it is inspired by the Wall Street bets community that became popular thanks to GameStop.

Throughout the development process, the Wall Street Memes team seeks to empower the community every step of the way. The presale is expected to generate a market capitalization of $1 billion, a target that is achievable given the massive interest in the presale so far.

Many analysts believe early investors can make more than 10x returns on $WSM due to its successful presale.

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