The Ethereum Classic Trading Volumes
Following the approval of the US Bitcoin ETF, Ethereum Classic (ETC) has experienced a significant surge in price, surpassing the $26 mark for the first time since October 2022. This surge is accompanied by a rise in trading volume, indicating strong interest from major traders.
Despite the price movement, sentiment surrounding Ethereum Classic remains neutral at present. On-chain data provided by Santiment suggests that investors are closely monitoring the market developments following the recent Bitcoin-related news.
The ETC Price Bullish Breakout
In a weekly chart analysis, Ethereum Classic (ETC) has broken away from its previous bearish trend and shown a departure from lower highs. After a year-long consolidation range in 2023, ETC struggled to break above the $23 resistance level.
However, there has been a recent resurgence, resulting in a bullish breakout from the consolidation range. This breakout is seen as a significant entry point for traders who were on the sidelines.
The increased market activity has contributed to a 250% increase in the 24-hour trading volume for Ethereum Classic. Currently trading at $28.43, ETC has formed a bullish engulfing candle in the daily chart.
This breakthrough above the $25 barrier positions Ethereum Classic for a sustained bullish rally. The rising sentiment in the market is fueling increased risk appetite among investors and contributing to the broader uptrend in altcoins.
Under favorable market conditions, Ethereum Classic’s price could potentially break through multiple resistance levels and reach a target of $40. However, if ETC struggles to maintain its momentum, a retest of the $25 level may be possible. Traders and investors are closely monitoring market dynamics to assess the sustainability of Ethereum Classic’s current bullish momentum.
Hot Take: Ethereum Classic Surges as Altcoins Rally
With the approval of the US Bitcoin ETF, altcoins have experienced a strong rally, and Ethereum Classic (ETC) has been one of the top performers. ETC has seen a staggering 32% increase in price, reaching $27.74 with a market cap of $4.05 billion.
The surge in trading volume and the breakout from its consolidation range indicate growing interest and bullish sentiment towards Ethereum Classic. Traders and investors are closely watching its price trajectory and market dynamics to determine whether the momentum can be sustained and if ETC can reach its potential target of $40.
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