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Ethereum Classic surges 17%: A shadow rally amid ETH ETF buzz?

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Ethereum Classic turns bullish post ETH ETFs approval, and the trend might continue further. 

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  • Ethereum Classic’s price increased by more than 3% in the last 24 hours.
  • ETC was awaiting its fourth halving, which is scheduled for the 31st of May.

All eyes remained on the king of altcoins as the US SEC approved exchange applications to list spot Ethereum [ETH] ETFs. But Ethereum Classic [ETC] silently stole the show as it registered a promising price increase in the last few days.

Does this mean a fresh rally for ETC? 

Ethereum Classic’s response to ETF approval

The US Securities and Exchange Commission (SEC) recently approved ETH ETFs listing on 23rd May. Since then, this has been a top topic of discussion, but ETH’s price witnessed a correction soon after.

However, Ethereum Classic reacted in a different manner. According to CoinMarketCap, ETC was up by over 17% in the last seven days. In fact, in the last 24 hours alone, the token’s value surged by more than 3%.

At the time of writing, ETC was trading at $32.07 with a market capitalization of over $44.7 billion.

Thanks to the price increase, its social volume also shot up, reflecting its popularity. Additionally, its weighted sentiment remained in the positive zone. This meant that bullish sentiment continued to be dominant in the market.

Ethereum Classic's social volume increased

Source: Santiment

Ethereum Classic awaits halving 

All this happened while Ethereum Classic was awaiting its fourth halving, which is scheduled to happen on the 31st of May. The last ETC having happened on the 11th of May 2020.

The event can stir up bullish sentiment and allow the token to maintain its upward trajectory over the coming days.

Source: Nicehash

To see whether metrics also supported a continued bull rally, AMBCrypto analyzed Santiment’s data. We found that ETC’s trading volume surged substantially along with its price.

This can be considered an optimistic development, as a rise in volume acts as the foundation for a bull rally.

On top of that, its open interest also remained relatively high. This suggests that the possibility of the current price trend continuing is high. 

ETC's trading volume surged

Source: Santiment

Apart from these metrics, Ethereum Classic’s Money Flow Index (MFI) also registered a sharp uptick, hinting at a further price rise.

However, not everything looked perfect as its Relative Strength Index (RSI) moved southwards. Additionally, ETC’s price also touched the upper limit of the Bollinger Bands, which could cause trouble. 

Source: TradingView


Read Ethereum Classic’s [ETC] Price Prediction 2024-25


If ETC actually turns bearish, then investors might witness the token’s price falling to $29. At that level, ETC will have an opportunity to rebound. 

A further drop in price could push the token down to $27. However, if the bull rally continues, then it is likely for ETC to first touch $34–$35 in the coming days.

Source: Hyblock Capital

 

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Dipayan is a full-time journalist at AMBCrypto. He has 2 years of experience in the content creation industry. A graduate in journalism, Dipayan has a keen interest in keeping himself updated with the latest developments in the crypto-space. He is a singer and a guitarist who also enjoys going on long bike rides.
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