It’s been a rough few weeks for Ethereum Classic [ETC] whose price sought more downwards when the market crashed. However, the past few days have brought some relief from the bears and some uplift.

ETC’s price decline hit a low near $13 after a heavily bearish second week in June. The last time the price traded near its latest low was in April 2021. ETC was trading at $16.64 at the time of writing, after peaking at 10.57% in the past 24 hours. The current price represents an increase of 12.31% in the past seven days.

Source: TradingView, ETC/USD

ETC’s indicators explain the latest price changes, compared to performance in the first two weeks of the month. According to the RSI, the price of Ethereum Classic crossed into the oversold zone on June 13. The directional movement indicator (DMI) shows that the bears lost momentum around the same time. This result paved the way for some accumulation that registered as a slight increase in the MFI.

Is It a Good Time to Buy ETC?

ETC’s on-chain stats confirm its accumulation during recent lows. Whale-owned ETC supply registered a significant increase from its monthly low from 44.45% on June 16 to 44.78% on June 20.

The market cap also formed a capitulation zone near $2 billion from June 13 to June 18, before reaching a significant rate of increase from its current level of $2.2 billion.

Source: Santiment

The accumulation observed by the above indicators points to improved investor confidence in recent days. This result was also confirmed by the increase in Binance’s funding ratio, which reached a low of -0.05% on June 13.

The same statistic stood at 0.03% on June 20, indicating improved investor sentiment in the derivatives market.

Source: Santiment

While ETC’s investor sentiment has noticeably improved, resulting in significant gains, it’s not out of the blue. The latest price action registered low volumes, with approximately $200 million flowing back into the market. There are still concerns that the crypto market crash could continue, leading to lower prices.

ETC’s on-chain stats show that the bears are currently on hiatus. However, the low buying pressure confirms that investors are still concerned about the risk of a further sell-off.

This post etc [Ethereum Classic] turtles need to note these points before setting the trigger

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