[ad_1]
The bears of Ethereum Classic (ETC) were late to react to the news of the arrest of ETC Dev, but once identified a certain weakness, they increased their short positions aggressively. In fact, the weekly chart for ETCUSDShorts shows that the number of short films for Ethereum Classic (ETC) has now reached the new historical maximum of Bitfinex. For the Ethereum Classic (ETC) bulls, this is a welcome development as it will eventually lead to a turnaround that most investors were waiting for. The bears have undoubtedly reacted exaggeratedly to the whole situation surrounding the shutdown of ETC Dev. It is still unclear whether the shutdown is temporary, but even if it is; you have to fully understand what it means.
In this market, bears are seen as intelligent and hungry opportunists very similar to whales. Now, everything is fine as long as they know what they are doing. The bears that have interrupted the Ethereum Classic (ETC) from its all-time high would have certainly made a killing by now. However, things get complicated when these bears start to feel invincible or worse, they are mistaken for being whales. Looking at the chart above, I have no other way of explaining it. It summarizes the over-confidence of bears who not only misunderstood the whole situation of ETC Dev, but they put money on it. The current situation is that retail bears are incredibly confident and retail bulls are too scared and confused.
Now, many bulls are telling others that the arrest of ETC Dev is not so bad, but basically they have their doubts. It's natural to be worried, but this is not the time to give in to emotions. If you've gone through the entire bear market period to see Ethereum Classic (ETC) falling from its ATH to today's annual low, it makes no sense to give up now. If anything, this is the time to be greedy. If you look at the shutdown of ETC Dev without considering other related developments, it looks very bad. Igor Artamonov and his team have worked hard on Ethereum Classic (ETC) and now that they have stopped you are right to think that the future of ETC / USD is uncertain. However, if you look from another point of view, taking into account relevant developments, things seem completely different.
Fundamental and technical analyzes are very important, yes, but those work better in mature and more developed markets. In emerging markets like these, you have to take into consideration the intent and thought behind every move. You have to understand why something happened and what it will lead to. I have already mentioned in my previous analysis that the arrest of ETC Dev was not about money; it was a change of regime. If you start investigating why a coup d'état was organized against ETC Dev and who the people behind the coup were and what their goals are, I think you'll be very close to finding out if Ethereum Classic (ETC) has a future or not.
Source link
