The recent breakout of Ethereum Classic’s (ETC) price above $27 suggests a potential for continued bullish momentum, paving the way for further upward movement toward the $40 mark in the near future.
Following the approval of the US Bitcoin ETF, altcoins have experienced a robust rally, outshining Bitcoin’s stability. Ethereum, witnessing a 10% surge in price, is notable, but its counterpart Ethereum Classic (ETC) has surpassed this, boasting an impressive 32% gain. ETC is currently trading at $27.74, holding a market cap of $4.05 billion.
Ethereum Classic (ETC) Surges Post-Bitcoin ETF Announcement
In the aftermath of the Bitcoin ETF announcement, Ethereum Classic (ETC) has witnessed a significant upswing, surpassing the $26 mark for the first time since October 2022. This surge in price is accompanied by heightened trading volume, signaling substantial interest from major traders.
Despite the notable price movement, the sentiment surrounding Ethereum Classic remains neutral, according to on-chain data provided by Santiment. Investors are closely monitoring developments in the Ethereum Classic market in the wake of the recent Bitcoin-related news.
Courtesy: Santiment
Ethereum Classic (ETC) Sees Bullish Breakout in Weekly Chart Analysis
In the weekly chart analysis, Ethereum Classic (ETC) exhibits a departure from the lower high formation characteristic of the previous bearish trend until 2022. Following a year-long consolidation range throughout 2023, ETC faced resistance at $23.
However, a recent resurgence has led to a bullish breakout from the consolidation range, signaling a significant trend reversal for Ethereum Classic. This breakout is viewed as a noteworthy entry point for traders who have been on the sidelines.
Source: TradingView
The increased market activity has resulted in a remarkable 250% surge in the 24-hour trading volume, supporting the sharp upward movement and suggesting potential continuation of an uptrend. Currently trading at $28.43, Ethereum Classic has formed a bullish engulfing candle in the daily chart.
Surpassing the $25 barrier positions Ethereum Classic for a sustained bullish rally. The growing market sentiment is fostering heightened risk appetite among investors, contributing to the broader uptrend in the altcoin market.
Under favorable conditions, Ethereum Classic’s price trajectory may lead to a breakout beyond multiple resistance levels, with a potential target of $40. However, if ETC struggles to maintain momentum, a retest of the $25 level could be in the cards. Traders and investors closely monitor market dynamics to assess the sustainability of Ethereum Classic’s current bullish momentum.
Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.
Join Cryptos Headlines Community
Follow Cryptos Headlines on Google News
