Ethereum Classic (ETC) has recently showcased notable market activity, largely spurred by the U.S. Securities and Exchange Commission’s (SEC) recent approval of spot Ethereum ETFs. While the spotlight often remains on Ethereum, it’s Ethereum Classic that has captured investor interest with a promising uptick in its market price.
As the date approaches its fourth halving on May 31, investors should observe Ethereum Classic. Historically, such events often lead to bullish market sentiments, and this year will likely follow that trend. The last halving event for ETC took place on May 11, 2020, and set the stage for significant price movements.
According to data from Santiment, in the days following the ETF approval, not only did ETC’s price increase, but its social volume also saw a substantial surge, suggesting an uptick in popularity. In addition, the weighted sentiment has remained in the positive zone, indicating a dominant bullish sentiment in ETC market.
ETC also observed a rise in trading volume, which is a critical foundation for any bull rally and indicates robust market interest. Moreover, Ethereum Classic’s open interest in the market has remained high, suggesting that the current upward price trend could persist.
Additional support for this bullish outlook comes from the Money Flow Index (MFI) of Ethereum Classic, which has registered a sharp increase. This uptick is a positive sign, hinting at a potential further rise in ETC’s price.
However, it’s essential to note that the Relative Strength Index (RSI) for Ethereum Classic has shown a downward trend, and the price has touched the upper limit of the Bollinger Bands. These factors could potentially lead to market corrections.
Despite these indicators, if the bullish sentiment continues, Ethereum Classic’s price might soon reach the $34-$35 range. On the flip side, should the market turn bearish, the price could drop to as low as $29, presenting a possible rebound opportunity. A further decrease below the $29 region lead to a decline to the $27 level.
As of press time, ETC is trading at $31.92 with a mere surge of 0.90% on the daily chart. On the weekly and monthly charts, ETC has observed substantial gains, surging by 10% and 20%, respectively. The market cap and the trading volume are $4.69 billion and $406 million, respectively.
