Ethereum Classic price has surged recently following a broader market recovery. This rise in ETC price indicates renewed investor confidence in the market, aligning with the positive momentum seen in other major digital assets. 

Ethereum Classic Price Surges Amid Market Recovery

According to Coinglass data, the Ethereum Classic price today witnessed liquidations totalling 18.84K despite its recent price surge. The drop in volume, which decreased by 27.87% to $165.89 million, signals growing uncertainty among traders. 

Open interest also saw a slight decline of 0.27%, settling at $75.22 million, reflecting a potential bearish sentiment in the market. These indicators suggest that the overall market remains cautious despite the initial uptick. 

Source- Coinglass

Over the past 24 hours, the Ethereum Classic price has experienced a notable increase. At the time of writing, the ETC price hovered around $19.28, slightly surging 2.78% during European trading hours. According to CoinCoinMarket data, this rise occurred as cryptocurrency saw a daily low of $18.58 and reached a high of $20.01.

ETC, which hit an all-time high of $176.16 on May 6, 2021, has significantly declined by 88%. However, it remains up by over 4210.85% from its all-time low of $0.4524, recorded on July 25, 2016.

ETC Rethinks Strategy, Bullish Breakout or Bearish Reversal?

With the current market recovery, Ethereum Classic price is approaching a critical juncture. Surpassing the $20 resistance level might spark a bullish trend. Such a movement could propel the cryptocurrency toward $25. Holding steady at this level might open the path to the $30 mark.

The technical indicators for Ethereum Classic on the 4-hour chart suggest neutral signals for the cryptocurrency’s short-term momentum. The Relative Strength Index (RSI) is currently at 53, indicating that the market is leaning slightly towards the overbought side but still within neutral territory. 

The Awesome Oscillator (AO) shows a positive reading of 1.05, with green bars indicating increasing bullish momentum. This implies that the price may continue to rise in the near term, though the strength of this upward movement remains to be confirmed.

Ethereum Classic Price Chart: TradingView

On the flip side, a shift in market sentiment could lead to a decline. If trends reverse, Ethereum Classic price prediction might retreat to the $19 support level. A further decline could signal a bearish phase, pushing the currency toward even lower support zones.

The post Ethereum Classic Price Rebounds; Is a Bullish Breakout Imminent? appeared first on CoinGape.

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Filed under: News - @ August 9, 2024 2:27 pm