Key Points
- Ethereum Classic’s (ETC) price has increased by over 3% in the last 24 hours.
- ETC is awaiting its fourth halving, scheduled for May 31st.
While the US Securities and Exchange Commission’s (SEC) recent approval of spot Ethereum [ETH] ETFs listing has been a hot topic, Ethereum Classic [ETC] has quietly seen a significant price increase.
ETC’s Performance
In contrast to ETH’s price correction following the ETFs listing, ETC’s value has risen. CoinMarketCap data shows that ETC’s value increased by over 17% in the last seven days, with a more than 3% surge in the last 24 hours alone.
ETC was trading at $32.07 at the time of writing, boasting a market capitalization of over $44.7 billion. This price increase has also led to a spike in ETC’s social volume and a positive weighted sentiment, indicating a dominant bullish sentiment in the market.
ETC’s fourth halving, set to occur on May 31st, could potentially fuel the bullish sentiment and help maintain the token’s upward trajectory.
Further Analysis
An analysis of Santiment’s data reveals that ETC’s trading volume has significantly increased along with its price, a development that could lay the groundwork for a bull rally. Moreover, ETC’s open interest remains relatively high, suggesting that the current price trend could continue.
ETC’s Money Flow Index (MFI) has also seen a sharp increase, hinting at a possible further price increase. However, not all indicators are positive. ETC’s Relative Strength Index (RSI) is trending downwards, and the token’s price has hit the upper limit of the Bollinger Bands, both of which could cause potential issues.
If ETC turns bearish, the token’s price could fall to $29, providing an opportunity for a rebound. A further price drop could push the token down to $27. However, if the bull rally continues, ETC could potentially reach $34–$35 in the coming days.
