The bears of Ethereum Classic (ETC) have formally surrendered


Classic Ethereum chart with values

The bears of Ethereum Classic (ETC) have literally given up for the first time in more than two years. The first signs of surrender began to appear when EMA at 10 weeks broke below EMA at 21 weeks in the weekly chart for ETCUSDShorts. The surrender was formalized when the price fell below the trendline for the first time since September 2017. The effects of this yield will be seen when the bears of the sale realize that their leaders have put down their weapons. Currently, only the bears on the front line realize that the war is over and have lost. However, as they begin to turn back and the army of bears sees them coming, they will run to save their lives. This is when we will see the effects of this surrender.

Needless to say, many bears will be trampled during the madness that is about to happen. Those who are ready to escape from the battlefield may be able to save their lives. However, all of this will happen in a very short window and most may not even have time to get out now. Those who were smart realized around September that shorting the Ethereum Classic (ETC) is no longer worth the risk / reward. However, there were others who are proud of living dangerously. They pushed to stifle the price of Ethereum Classic (ETC). They pushed it under $ 10, but it was not enough. So, they kept pushing and the price fell to $ 8. Now, suddenly when they finished pushing, they realized they had crossed the enemy lines.

Classic Ethereum chart with values

For the Ethereum Classic (ETC) bulls this will be a historic victory. When such a large number of short films accumulate especially under dangerous levels and with a low volume, a single large order is enough to trigger a short compression. A short compression is the liquidation of the shorts. When you go long on a resource, you are liquidated if the price falls below your stop loss. In the same way, when you shorten, you are liquidated when the price rises above your stop loss, which unlike the longs is higher than the current price. The end result of all this is that you end up buying ETC / USD at a higher price and the price inflates in a very short amount of time.

We have seen this happen in the case of many cryptocurrencies, but for Ethereum Classic (ETC), this would be the first time that we see a massive short squeeze to liquidate most of the shorts. Not to get too excited, but this could easily pump the price above the previous historical maximum in a few days! This debate is even more significant if we consider that Ethereum Classic (ETC) should become fully IOT (Internet of Things) compatible by 30 November. It would be an important milestone for the Ethereum Classic (ETC) community. Therefore, it is very reasonable to expect that the current month of November could be the single most important thirty days in the entire history of Ethereum Classic (ETC).

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