- Ethereum Classic rose by over 10% in the last 24 hours.
- Metrics signaled a potential bullish continuation for the altcoin.
As a seasoned researcher with years of experience in the ever-evolving cryptocurrency market, I must admit that the recent surge in Ethereum Classic (ETC) has piqued my interest. The asset’s impressive rally, up over 10% in just 24 hours, is a clear sign that it’s back on investors’ radar.
It appears that Ethereum Classic (ETC) has regained the interest of investors, as the asset has experienced a significant surge, increasing by more than 10% within the past 24 hours.
As a crypto investor, I’ve noticed that the altcoin’s recent surge has brought it within arm’s reach of the significant $35 barrier. This proximity has sparked conversations among us about where this coin might be headed in the short term.
ETC signals further upside
Following the correction, the altcoin has surged by over 23% since reaching the $25 support, currently trading at $31 as we speak.
After hitting and subsequently correcting at the $25 mark, it seems the bulls have reclaimed the market’s directional force.
Defending the $25 support level during recent adjustments has given the asset a strong base, enabling its ongoing upward trend.
Bullish run to continue?
At the current moment, I’ve noticed a notable change in the behavior of large cryptocurrency holders, based on my analysis of Santiment’s data. This shift appears to indicate increased attention towards Ethereum Classic (ETC) accumulation, as suggested by the recent surge.
In the past day, there’s been a significant increase in the amount of stablecoin total supply being held by wealthy investors (whales) with over $5 million USD. This rise suggests that key market players are adopting a strategic stance.
Moreover, ETC’s social engagement has peaked at its maximum point since May 2024, implying an increasing retail appetite for this asset.
Historically, a rise in social engagement tends to occur before substantial price changes, and ETC is following this pattern. This growing social activity might signal an upcoming bull run too.
ETC near-term price targets
The immediate resistance level at $35 presented a crucial psychological barrier for ETC.
If a breakthrough occurs at the current point, it might lead to significant purchase requests, possibly pushing Ethereum Classic towards challenging a more resistant upper limit.
Read Ethereum Classic’s [ETC] Price Prediction 2024–2025
The likelihood of this ongoing upward trend (bullish rally) persisting is closely tied to the state of the wider market and sustained attention from institutions.
As the Open Interest in USD for each exchange increases, the market structure of ETC suggests it could continue rising.
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2024-11-26 08:07