Ethereum

Rally

2024

Ethereum Classic

Divergence

Ethereum Classic price has caught the attention of the cryptocurrency market with an impressive 34% leap in just 24 hours, marking its position as the top gainer among the 100 leading cryptocurrencies by market capitalization. This original version of Ethereum has surpassed the $30 mark for the first time since September 2022, sparking interest among investors and traders alike. 
<figure id="attachment_173420" aria-describedby="caption-attachment-173420" style="width: 100%" class="wp-caption aligncenter">
 <img decoding="async" class="size-full wp-image-173420" src="https://coingape.com/wp-content/uploads/2024/01/Ethereum-Classic-ETC-Going-Up.jpg" alt="ETF" width="1200" height="800" srcset="https://coingape.com/wp-content/uploads/2024/01/Ethereum-Classic-ETC-Going-Up.jpg 1200w, https://coingape.com/wp-content/uploads/2024/01/Ethereum-Classic-ETC-Going-Up-300x200.jpg 300w, https://coingape.com/wp-content/uploads/2024/01/Ethereum-Classic-ETC-Going-Up-768x512.jpg 768w, https://coingape.com/wp-content/uploads/2024/01/Ethereum-Classic-ETC-Going-Up-150x100.jpg 150w, https://coingape.com/wp-content/uploads/2024/01/Ethereum-Classic-ETC-Going-Up-272x182.jpg 272w" sizes="(max-width: 1200px) 100vw, 1200px">
 <figcaption id="caption-attachment-173420" class="wp-caption-text">
 Ethereum Classic Price Prediction
 </figcaption>
</figure> 
Before this commendable breakout, ETC price had been wrestling with the $25 resistance level following a period of consolidation throughout 2023. However, recent developments on the weekly chart indicate a positive shift in sentiment. This change is highlighted by the breaking of a long-term descending trendline and the formation of a bullish engulfing candle on the daily chart. These factors contribute to a favorable Ethereum Classic price prediction, suggesting a potential for continued upward momentum. 
<h2 id="strong-surge-in-trading-volume-and-market-sentiment-strong">Surge in Trading Volume and Market Sentiment</h2> 
The recent <a href="https://coingape.com/etc-price-jumps-34-as-ethereum-classic-trading-volumes-surge/">ETC price </a>spike is accompanied by a remarkable 234% increase in trading volume, soaring to $1.54 billion in a single day. This surge in trade activity points to a growing interest in Ethereum Classic, potentially fueled by expectations surrounding the U.S. Securities and Exchange Commission’s (SEC) decision on<a href="https://coingape.com/blackrock-spot-bitcoin-etf-ibit-soars-25-in-pre-market-hours/"> Bitcoin ETFs</a>, which may broaden the crypto market’s investment appeal. According to the latest market data, <a href="https://coingape.com/price/ethereum-classic/">Ethereum Classic price</a> is trading at $30.01, with strong bullish pressure on the chart. 
<blockquote class="twitter-tweet" data-width="550" data-dnt="true"> 
 <img src="https://s.w.org/images/core/emoji/14.0.0/72x72/1f4c8.png" alt="📈" class="wp-smiley" style="height: 1em; max-height: 1em;"> <a href="https://twitter.com/hashtag/EthereumClassic?src=hash&amp;ref_src=twsrc%5Etfw">#EthereumClassic</a> has blasted off following the <a href="https://twitter.com/hashtag/BitcoinETF?src=hash&amp;ref_src=twsrc%5Etfw">#BitcoinETF</a> announcement, reaching above $26 for the first time since October, 2022. Trading volume has surged, indicating major trader interest. However, <a href="https://twitter.com/search?q=%24ETC&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$ETC</a> sentiment still appears neutral for now. <a href="https://t.co/LhebnauCQX">https://t.co/LhebnauCQX</a> <a href="https://t.co/wEf3ujmqH6">pic.twitter.com/wEf3ujmqH6</a> 
 — Santiment (@santimentfeed) <a href="https://twitter.com/santimentfeed/status/1745244700704121274?ref_src=twsrc%5Etfw">January 11, 2024</a>
</blockquote> 
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script> 
Despite these positive indicators, the market sentiment towards Ethereum Classic remains neutral, as noted by Santiment. This neutrality indicates an absence of a definitive bullish or bearish trend despite the uptick in market activity. In comparison, Bitcoin and Ethereum have shown relatively modest gains in contrast to ETC’s 34% increase. Such volatility is characteristic of the cryptocurrency market, known for its rapid and often unpredictable price movements. 
<h2 id="strong-etc-technical-analysis-and-future-outlook-strong">ETC Technical Analysis and Future Outlook</h2> 
A closer look at the daily technical analysis reveals that Ethereum Classic’s price trend maintains its bullish nature. However, signs of a potential local peak are emerging. The bulls are in control, pushing the price above the $30 resistance level. If this momentum continues and surpasses the next resistance at $40, further growth could be on the horizon. The support level remains solid at $18, suggesting this will likely hold if there’s a downward price correction. 
<figure id="attachment_173546" aria-describedby="caption-attachment-173546" style="width: 100%" class="wp-caption aligncenter">
 <img decoding="async" class="size-full wp-image-173546" src="https://coingape.com/wp-content/uploads/2024/01/ETCUSD_2024-01-11_21-04-52.png" alt="ETC" width="1154" height="652" srcset="https://coingape.com/wp-content/uploads/2024/01/ETCUSD_2024-01-11_21-04-52.png 1154w, https://coingape.com/wp-content/uploads/2024/01/ETCUSD_2024-01-11_21-04-52-300x169.png 300w, https://coingape.com/wp-content/uploads/2024/01/ETCUSD_2024-01-11_21-04-52-768x434.png 768w, https://coingape.com/wp-content/uploads/2024/01/ETCUSD_2024-01-11_21-04-52-150x85.png 150w" sizes="(max-width: 1154px) 100vw, 1154px">
 <figcaption id="caption-attachment-173546" class="wp-caption-text">
 ETC/USD 4-hour chart, Source: <a rel="nofollow" href="https://www.tradingview.com/x/a4R94GFV/">Tradingview</a>
 </figcaption>
</figure> 
Technical indicators reinforce the bullish outlook. The Moving Average Convergence Divergence (MACD) indicator is in a positive zone, with the MACD line positioned above the signal line on the four-hour chart. Similarly, the Relative Strength Index (RSI) is bullish, trading above the 80-level on the four-hour chart, indicating strong market buying power. 
The post <a href="https://coingape.com/markets/ethereum-classic-price-massive-double-digit-rally-hits-pause-50-etc-up-next-or-sell-off/">Ethereum Classic Price Massive Double-Digit Rally Hits Pause, $50 ETC Up Next Or Sell-Off?</a> appeared first on <a href="https://coingape.com">CoinGape</a>.

Ethereum Classic Price Massive Double-Digit Rally Hits Pause, $50 ETC Up Next Or Sell-Off?

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