Ethereum Classic records 6-month high...“Strong buying, but profit-taking also increases”

The price of Ethereum Classic (ETC) has recently surged 17%, hitting its highest level in six months. As the overall cryptocurrency market enters a correction phase, analyses suggest that ETC is showing a strong upward trend supported by robust buying pressure and a sharp rise in trading volume.

On the 19th, cryptocurrency news outlet AMB Crypto, citing data from on-chain analytics firms CoinGlass and Coinalyze, reported, “Ethereum Classic recently soared to $25.59, setting a 6-month high,” adding, “During the same period, trading volume exceeded $1 billion, rising approximately 290% from the previous day, and market capitalization also hit a 6-month high of $3.9 billion.”

In contrast, in the futures market, counter bets against the upward trend are also expanding. According to CoinGlass, ETC’s open interest (OI) increased by 28.2% to $313 million, and derivatives trading volume jumped 213% to $2.43 billion. Nevertheless, the long-short ratio remains below 1 (0.97), indicating short (sell) positions are dominant.

Profit-taking movements have also emerged. The media outlet analyzed, “Holders who have been waiting for a profitable window over the past six months are now actively selling.”

They further noted, “If ETC maintains its buying momentum, attempts to break through $29 may continue,” while also projecting, “Conversely, if momentum weakens, a correction down to $20.80 is also possible.”

Meanwhile, open interest refers to contracts in derivatives like futures and options that have not yet been settled. An increase in open interest indicates capital is flowing into the market.