Ethereum Classic price climbed toward $9.30 on Wednesday, May 6, after breaking above a descending triangle resistance structure. According to CoinMarketCap, ETC traded near $9.26 while gaining nearly 4% within 24 hours.
CoinGlass data showed ETC futures volume surged 62.05% to approximately $186.24 million. Open interest also climbed 11.98% to nearly $116.59 million during the breakout session.
Increasing volumes of derivatives activity corresponded to an increase in bullish sentiment in all ETC markets. Short liquidations occurred as the breakout took place.
Therefore, as the Ethereum Classic price rose, many bears who were positioned in a leveraged position closed out their trades.
Jonathan Carter Confirmed ETC Triangle Breakout
Analyst Jonathan Carter noted that Ethereum Classic broke through a descending triangle. The increase in daily trading volume supported his Ethereum Classic breakout analysis.
This included growing buyer participation across the market. He said that bulls are currently in control of the short-term trend in ETC price action based upon his TradingView analysis.
Additionally, he said that if the current uptrend continues, it is likely to push the Ethereum Classic price up to some established longer-term resistance points. He listed these potential resistance points as $9.90, $11.50, $13.50, $15.00, $17.00, $20.00, and $25.00.
His chart also demonstrated how the recent Ethereum Classic breakout has taken place above the long-term descending resistance line and after a very long period of sideways movement.
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Ethereum Classic Price Remains Above Longer-Term Moving Averages
On TradingView, there have been indications of a strengthening bullishness in ETC on both shorter- and longer-term charts. The 20 EMA remained above the 50 EMA, and the ETC price remained above the 200 EMA support line.
In addition, the RSI indicator was approaching 69, which shows that momentum is high, but it is still not overbought. Histograms in MACD readings also indicate a positive trend for ETC since they remain above the zero line.
The TradingView chart also demonstrates that ETC maintains its strength over important Fibonacci Retracements support. Since ETC reclaimed a key area of resistance around $8.50, the price has shown good strength.
Increased Participation From Futures Traders
Data from CoinGlass indicates increased participation from futures traders when the breakout occurred on May 6, 2026. Long/short ratios for ETC/USDT pairs on Binance remained above 1.6.
These numbers represent a high number of long trades being placed compared to short trades. Long/short positioning ratios for top traders also exceeded 2.2 on Binance futures markets.
According to this data, there were large numbers of traders taking long positions expecting further upside price movement in ETC. Perpetual futures markets show funding rates remaining positive at approximately 0.0049%.
Positive funding rates mean that there is greater demand for long positions than short positions among perpetual futures traders. Carter believes that the Ethereum Classic price will continue to move upwards so long as this demand remains high.
However, he notes that increasing amounts of leverage could lead to unexpected volatility in the short term if momentum weakens rapidly.
Shorts Liquidations Contribute to Recent ETC Uptrend
CoinGlass shows that short liquidations on ETC totaled approximately $304,480 during the last 24-hour trading cycle. More than 90% of the total liquidated value came from short liquidations across major cryptocurrency exchanges.
These included Binance, where there were over $156,000 worth of shorts liquidated. High levels of short liquidations indicate increasing momentum for the upward price direction of Ethereum Classic.
This article contains market analysis and price predictions. These are not guarantees. Crypto markets are volatile. Always DYOR. Not financial advice.
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