Ethereum Classic (ETC) Price Skyrocketed 30% This Week, What's Next?

Ethereum Classic (ETC) price has gained a bullish posture and surged over 30% this week. The token has registered a range breakout and has reached

Ethereum Classic (ETC) price has picked up a bullish posture and surged over 30% This week. The token has registered a range breakout and has reached the highest territory since August 2024.

The market dynamics around the Ethereum Classic price suggested that a potential rally is on the horizon. Furthermore, the token could rally further.

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The ETC crypto has triggered a strong breakout of the descending channel. It could pick up further momentum once it crosses the $25 level.

What Do the Analysts Say About the Ethereum Classic Price?

In a recent tweet, ChartNerd highlighted that ETC crypto looks like it’s breaking out. It has broken out in a “Bump and Run” pattern on the monthly time frame.

He added that the token had completed the bump phase and was ready for a run phase. It may proceed with the bullish run and can go toward the $40 mark in the short term.

$ETC looks like it's breaking out of a "Bump And Run" pattern on the monthly time frame ? Strong breakout of descending resistance that led into a falling channel, creating a backtest for support.$40 short-term target. Conservative 1.272 FIB extension to $380 on the table ? https://t.co/gDQAkQGmwU pic.twitter.com/tPNUP5qJ5s

Likewise, ChartingGuy revealed that the Ethereum Classic price might repeat the last cycle. In that cycle, the token did 20x in the same timeframe.

He projected a massive potential upside, suggesting a target of 1.272 Fib level at $359. A 3rd rising wave was imminent. Also, the token may rise toward $36 and $45 in the coming sessions.

$ETC might be repeating last cycle where it did a 20x in this same timeframe ?my target is the 1.272 at $359 ?fyi, the majority of this move would likely be in the final month aka altseason, of the bull run just like last cycle‼️? https://t.co/zSaRxvpz1B pic.twitter.com/b6ArvAlY5Y

Per the Fib retracement levels, the token has sustained above 50%. It can go toward the 61.8% zone.

ETC Price Analysis: What Does Price Action Indicate?

The daily time frame analysis of ETC crypto represented a bullish outlook. The ETC price analysis implied that the token had registered a strong range breakout. Also, a massive follow-on surge was noted this week.

It has surpassed multiple hurdles in a single go and climbed above the key EMAs. This highlighted the sharp buying momentum on the chart.

The Ethereum Classic price was trading at $23.09 at press time, noting an intraday surge of over 11.20%. Its market cap rose to $3.44 Billion, and the trading volume surged by over 75.62% to $335.73 Million.

The Relative Strength Index (RSI) line surged massively and soared to the overbought zone, around 77 at press time. This revealed that a massive bullish momentum fueled the surge.

Similarly, the Chaikin Money Flow (CMF) reading of 0.07 represented a liquidity surge in the market. A daily close above the $25 mark would trigger further bullish momentum, and the altcoin may push toward the $30 mark in the coming sessions.

Liquidation Data Suggests Potential Ahead

Data from Coinglass showed that the ETC liquidation data highlighted potential upside ahead. A notable volume of short positions might be liquidated if the price surpasses the crucial $25 level.

At press time, $429K worth of short liquidations were noted. On the other hand, $199K worth of long liquidations were noted.

Furthermore, the Open Interest (OI) has risen over 21.26% to $137.20 Million. That revealed prolonged buildup activity over the past 24 hours. The immediate support zones for ETC crypto were $20 and $18. In contrast, the upside barriers were $25 and $30.

In this article, the views, and opinions stated by the author, or any people named are for informational purposes only, and they don’t establish the investment, financial, or any other advice. Trading or investing in cryptocurrency assets comes with a risk of financial loss.