Ethereum

Bitcoin ETF

Bitcoin

Ethereum Classic

<p>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.</p> 
<h3 id="the-ethereum-classic-trading-volumes">The Ethereum Classic Trading Volumes</h3> 
<p>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.</p> 
<p>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.</p> 
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  Courtesy: <a rel="nofollow" href="https://twitter.com/santimentfeed/status/1745244700704121274" target="_blank">Santiment</a>
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<h3 id="the-etc-price-bullish-breakout">The ETC Price Bullish Breakout</h3> 
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            <p>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.</p> 
            <p>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.</p> 
            <p><img decoding="async" class="aligncenter size-full wp-image-173400" src="https://coingape.com/wp-content/uploads/2024/01/Ethereum-Classic-Price-Chart.png" alt="" width="1536" height="704" srcset="https://coingape.com/wp-content/uploads/2024/01/Ethereum-Classic-Price-Chart.png 1536w, https://coingape.com/wp-content/uploads/2024/01/Ethereum-Classic-Price-Chart-300x138.png 300w, https://coingape.com/wp-content/uploads/2024/01/Ethereum-Classic-Price-Chart-1224x561.png 1224w, https://coingape.com/wp-content/uploads/2024/01/Ethereum-Classic-Price-Chart-768x352.png 768w, https://coingape.com/wp-content/uploads/2024/01/Ethereum-Classic-Price-Chart-150x69.png 150w" sizes="(max-width: 1536px) 100vw, 1536px"></p> 
            <p>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.</p> 
            <p>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.</p> 
            <p>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.</p> 
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<p>The post <a href="https://coingape.com/etc-price-jumps-34-as-ethereum-classic-trading-volumes-surge/">ETC Price Jumps 34% As Ethereum Classic Trading Volumes Surge</a> appeared first on <a href="https://coingape.com">CoinGape</a>.</p>

ETC Price Jumps 34% As Ethereum Classic Trading Volumes Surge

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