Following the approval of the United States’ first spot Bitcoin ETF, altcoins have begun to stand out with robust rallies while Bitcoin takes a breather. Among them, Ethereum Classic (ETC) has seen a remarkable surge, outperforming its sibling, Ethereum (ETH), with a 32% increase in the last 24 hours, trading at $27.74 and boasting a market cap of $4.05 billion.
The announcement of the spot Bitcoin ETF has propelled ETC to surpass the $26 level for the first time since October 2022, alongside a significant increase in trading volume.
Despite notable price movements, the sentiment around Ethereum Classic remains neutral, as indicated by data from the on-chain analytics platform Santiment. However, investors are closely monitoring the developments in the Ethereum Classic market following the recent Bitcoin-related news.
Ethereum Classic’s weekly price chart shows a breakout from a previous downtrend characterized by lower lows dating back to 2022. ETC struggled to overcome the $23 resistance throughout 2023 but has recently broken out of its consolidation range, signaling a potential trend reversal, which could be a significant entry point for investors on the sidelines.
With increased market activity, ETC’s trading volume has spiked by 250% in the last 24 hours, suggesting a continuation of the uptrend. Trading at $28.43 at the time of writing, ETC’s daily price chart exhibits a bullish engulfing candlestick pattern. The price surge above the $25 resistance level opens the way for a potential major rally in Ethereum Classic, contributing to a broader altcoin market uptrend. If market conditions remain favorable, Ethereum Classic’s price trajectory could aim for a potential target of $40, breaking through multiple resistance levels. Conversely, a struggle to maintain momentum could lead to a retest of the $25 level.