Ethereum Classic (ETC) price has recorded a 5% increase over a 24-hour chart. Currently, Ethereum Classic is trading at a price level of $36.41. This upward trend could indicate a bullish sentiment emerging in the Ethereum Classic market.
ETC’s Trading Volume Increases
Ethereum Classic’s trading volume has experienced a strong increase, surging by over 196% within the same time frame to reach $1.7 billion. This spike in trading activity could signal growing interest from the cryptocurrency trading community. Additionally, Ethereum Classic has reached a significant milestone with a live market capitalization of $5.17 billion. For the first time since September 2022, Ethereum Classic’s price has crossed the $35 threshold, attracting the attention of traders and investors. The currency has witnessed a significant uptrend following a recent bullish trend, gaining over 45% last month and over 28% last week.
Market momentum for Ethereum Classic accelerated after fluctuating within a higher trend band between $30 and $37 for about a week. This movement resulted in the breaching of the resistance level. The optimism in the market is also reflected in the broader cryptocurrency landscape, with Bitcoin surpassing $64,000 and Ethereum exceeding $3,400. If the current bullish momentum continues, Ethereum Classic’s (ETC) price could soon surpass the $40 level.
ETC Price Prediction
The mentioned progress could pave the way for a rise towards the $50 resistance area. This upward trend could even test the $60 resistance barrier if it continues. On the other hand, a negative shift in market sentiment could push ETC back to the $30 support zone. Should the situation worsen for the altcoin, a further drop to $20 is possible. Technical analysis of daily trading charts presents a positive outlook for ETC’s short-term trajectory.
Experts suggest that the moving average convergence divergence (MACD) indicator is showing promising signs and crossing the signal line could indicate a significant bullish signal, marking a good time to buy. The market’s buying strength is further highlighted by the relative strength index (RSI) climbing above 70, indicating a stronger buying momentum compared to selling pressure. Additionally, the rising Awesome Oscillator reinforces the positive sentiment in the market.
