Ethereum Classic (ETC) has exhibited a significant 5% rise in market value within a 24-hour period, reaching a trading price of $36.41. This uptick suggests the potential emergence of a bullish market for the cryptocurrency.
Remarkable Surge in Trading Volume
The cryptocurrency has seen a remarkable 196% boost in its trading volume, hitting the $1.7 billion mark. Such a surge indicates a heightened interest from traders and investors. With its market cap now standing at $5.17 billion, Ethereum Classic has broken the $35 price barrier for the first time since September of the previous year. The digital currency has continued its impressive performance, recording a 45% increase over the past month and a 28% gain in the past week.
Ethereum Classic’s momentum has intensified after a period of fluctuating between $30 and $37. Breaking through this resistance band has further fueled market optimism. This positive trend isn’t isolated to Ethereum Classic; the wider crypto market is also seeing gains, with Bitcoin reaching above $64,000 and Ethereum hitting past $3,400.
Future Price Trajectory and Analysis
Analysts believe that Ethereum Classic’s current trajectory could set it on a path toward the $50 resistance mark, and possibly even testing the $60 level if bullish sentiment persists. However, a negative turn could see prices retract to the $30 support line, with a potential further fall to $20. Daily trading chart analysis remains optimistic for Ethereum Classic’s short-term future.
Technical indicators such as the moving average convergence divergence (MACD) display positive signs, with crossing the signal line potentially indicating an opportune time for investment. The relative strength index (RSI) surpassing 70 suggests strong buying pressure, and the rising Awesome Oscillator confirms the market’s positive stance.