- Surge in ETC social dominance and whale actions suggests a potential trend reversal.
- A significant symmetrical triangle support level may propel ETC into positive momentum.
Ethereum Classic [ETC] is currently at a pivotal price point. The altcoin has experienced an 8% decline over the past 48 hours, prompting it to test a vital support level within a symmetrical triangle formation.
This situation could set the stage for a forthcoming reversal, especially in light of a notable uptick in whale activity and social dominance.
ETC social dominance reaches unprecedented levels
The social dominance of ETC has hit an all-time peak since July 14 and continues to increase. Such surges in visibility reflect a growing interest and engagement from the community, which has often been tied to price movements.
As sentiment plays a critical role in the cryptocurrency market, the rise in ETC’s social dominance could signal a buildup of momentum.
The combination of robust technical levels along with this social activity is particularly noteworthy.
Source: Santiment
Whale activity indicates institutional interest
In addition to the rising social activity, whale movements in the altcoin space are also increasing. The proportion of the total supply owned by whales holding over 5 million ETC has risen to an impressive 58%.
This accumulation by significant market players typically precedes notable price shifts. Whales expanding their holdings suggest confidence in ETC’s ability to move past its current consolidation and potentially reverse its recent slide.
Source: Santiment
Symmetrical triangle signals potential breakout
ETC’s price has been consolidating within a symmetrical triangle—a pattern typically known for indicating breakout potential—in place since August 24.
As the price tests a crucial support level at approximately $18, the following move could be crucial in determining whether Ethereum Classic experiences a bounce upward or continues its downward trend.
However, with increased social dominance and whale activity indicating bullish trends, ETC may be accumulating momentum for a positive reversal.
If the support holds, ETC might surge to break free from this pattern, aiming for higher price levels.
Source: Tradingview
Read Ethereum Classic’s [ETC] Price Prediction 2024–2025
With a rise in whale actions and social engagement, ETC appears well-positioned for a possible trend change.
While no pattern guarantees a breakout, all indicators point to increasing bullish sentiment.
