With the approval of the US Bitcoin ETF, altcoins have registered a strong rally while Bitcoin rests. Though the Ethereum price surged 10%, its off-shoot Ethereum Classic (ETC) has registered even greater gains. The ETC price is up by a staggering 32% trading at $27.74 with a market cap of $4.05 billion.
The Ethereum Classic Trading Volumes
In the wake of the Bitcoin ETF announcement, Ethereum Classic (ETC) has experienced a significant surge, surpassing the $26 mark for the first time since October 2022. The surge in trading volume suggests substantial interest from major traders.
Despite the notable price movement, the sentiment surrounding Ethereum Classic remains neutral at present, as indicated by on-chain data provided by Santiment. Investors are closely monitoring the developments in the Ethereum Classic market following the recent Bitcoin-related news.
Courtesy: Santiment
The ETC Price Bullish Breakout
In the weekly chart analysis, Ethereum Classic (ETC) has shown a departure from the lower high formation that characterized the previous bearish trend until 2022. After a year-long consolidation range throughout 2023, ETC struggled to surpass the resistance at $23.
A recent resurgence, however, has resulted in a bullish breakout from the consolidation range, signaling a notable trend reversal for Ethereum Classic. This breakout is seen as a significant entry point for traders on the sidelines.
The heightened market activity has contributed to a remarkable 250% increase in the 24-hour trading volume, supporting the sharp upward movement and hinting at the potential continuation of an uptrend. Currently trading at $28.43, Ethereum Classic has formed a bullish engulfing candle in the daily chart.
The breakthrough above the $25 barrier positions Ethereum Classic for a sustained bullish rally. The rising sentiment in the market 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 lead to a breakout beyond multiple resistance levels, with a potential target of $40 on the horizon. However, should ETC struggle to maintain its momentum, a retest of the $25 level could be in the cards. Traders and investors are closely monitoring market dynamics to gauge the sustainability of Ethereum Classic’s current bullish momentum.
