- Ethereum Classic’s recent surge is accompanied by a bullish breakout in its weekly chart, signaling a notable trend reversal.
- With a 250% increase in 24-hour trading volume and a current price of $28.43, ETC is positioned for a sustained bullish rally, potentially targeting $40.
Ethereum Classic (ETC), the original Ethereum version that diverged from the main network in 2016, has experienced a notable surge, rising by 50% in the past 24 hours. This places ETC as the 21st largest cryptocurrency by market capitalization, outperforming its more popular counterpart, Ethereum (ETH), which saw an 11.24% increase during the same period.
As of the latest update, ETC has climbed by 3.55% in the last 24 hours, trading at $29.28, marking a 55% gain over the past seven days. The ETC price touched a high of over $31 yesterday.
The positive sentiment in the crypto market, following the approval of the first Bitcoin exchange-traded fund (ETF) in the United States, seems to have significantly benefited Ethereum Classic. According to on-chain analytics platform Santiment, ETC’s surge began after the Bitcoin ETF announcement, propelling it beyond $26 for the first time since October 2022.
#EthereumClassic has blasted off following the #BitcoinETF announcement, reaching above $26 for the first time since October, 2022. Trading volume has surged, indicating major trader interest. However, $ETC sentiment still appears neutral for now. https://t.co/LhebnauCQX pic.twitter.com/wEf3ujmqH6
— Santiment (@santimentfeed) January 11, 2024
Today’s session witnessed a further rise in ETC, extending a broader rally initiated on January 8 after finding support at $18.37. Santiment highlighted an increase in Ethereum Classic’s trading volume, indicating substantial trader interest. The platform noted that ETC’s trade volume had not surpassed 1.23 billion in a single day since September 13, 2022.
ETC Price Predictions
In the weekly chart analysis, Ethereum Classic (ETC) has displayed a notable departure from the previous bearish trend characterized by lower high formations until 2022. Following a year-long consolidation range throughout 2023, ETC encountered resistance at $23, hindering its upward momentum.
However, a recent resurgence has led to a bullish breakout from the consolidation range, marking a significant trend reversal for Ethereum Classic. This breakout serves as a crucial entry point for traders observing from the sidelines.
The heightened market activity has generated a remarkable 250% surge in the 24-hour trading volume, providing substantial support for the sharp upward movement and indicating the potential continuation of an uptrend. Currently priced 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 increased risk appetite among investors, contributing to the broader uptrend in the altcoin market.
Under favorable market conditions, Ethereum Classic’s price trajectory may result in a breakout beyond multiple resistance levels, with a potential target of $40 on the horizon. However, should ETC face challenges in maintaining its momentum, a retest of the $25 level could be in the cards.
Ethereum Classic Upgrades
Additionally, the Ethereum Classic network is poised for increased enthusiasm, as an imminent upgrade, slated for January 31, is on the horizon. Named Spiral, the Ethereum Classic upgrade will happen at block 19,250,000.
The Spiral Hard Fork for Ethereum Classic is scheduled for January 31, 2024. Core developers of Ethereum Classic have released ECIP-1109, outlining the specifics of ETC’s Spiral hard fork. This proposal designates the following blocks for the implementation of these changes on the Ethereum Classic networks: 9,957,000 on the Mordor testnet (already upgraded in November 2023) and 19,250,000 on the Ethereum Classic mainnet (anticipated for January 31, 2024).
