Following the approval of the United States’ first spot Bitcoin ETF, the largest cryptocurrency Bitcoin (BTC) takes a breather while altcoins start to stand out with strong rallies. Although the king of altcoins Ethereum (ETH) saw a 10 percent increase in price, its sibling altcoin Ethereum Classic (ETC) recorded even higher gains. ETC’s price, with a market value of $4.05 billion, traded at $27.74, marking a surprising 32 percent increase in the last 24 hours.
Ethereum Classic Exceeds $26 for the First Time Since October 2022
Following the announcement of the Spot Bitcoin ETF, Ethereum Classic’s ETC exceeded the $26 level for the first time since October 2022, making a noteworthy ascent. This rise was accompanied by a substantial increase in the altcoin’s trading volume.
Despite the notable price movement, the sentiment surrounding Ethereum Classic is currently neutral, as indicated by data provided by the on-chain data platform Santiment. Nevertheless, investors are closely monitoring developments in the Ethereum Classic market following the latest Bitcoin-related news.
Breakout in ETC’s Price Chart
The weekly time frame price chart of Ethereum Classic shows that it has broken out of the falling formation characterized by progressively lower lows that had defined the previous downtrend until 2022. ETC had been struggling to surpass the $23 resistance throughout 2023 after a year of consolidation. However, the recent recovery in the altcoin has led to a breakout from the consolidation zone, signaling a significant trend reversal. This breakout indicates an important entry point for investors waiting outside the market.
With increased market activity, the altcoin’s trading volume in the last 24 hours saw a significant 250 percent increase, suggesting the continuation of the uptrend. At the time of writing, ETC is trading at $28.43, having formed a bullish engulfing candle on the daily time frame price chart.
The price breakthrough above the $25 resistance opens the way for Ethereum Classic for a major rally. The rising sentiment in the market encourages increased risk appetite among investors, contributing to the overall uptrend in the altcoin market.
Under favorable market conditions, Ethereum Classic’s price trajectory could lead to a breakout beyond multiple resistance levels, potentially targeting $40. However, if ETC struggles to maintain its momentum, a retest of the $25 level could be expected.
