The Ethereum Classic (ETC) price has experienced a significant surge today, with a 14% increase in the daily time frame. This surge comes as the price has broken out of its downtrend by surpassing the critical resistance level at $21. This breakout signifies a positive momentum shift for Ethereum Classic, leading traders and investors to set their sights on higher price levels. Technical price indicators and derivatives data are aligning with a bullish narrative, further supporting the upward trajectory of ETC.
ETC Price Today Clears Key Resistance
The ETC price has finally broken above the $21 threshold after months of weakness, marking a reversal from the December 2024 downtrend. This breakout coincides with positive macroeconomic conditions and increased investor confidence, fueling renewed interest in Ethereum Classic. The chart shows sustained strength near July’s high, with $26 as the next key level to watch. If the price successfully flips $26 into support, short-term targets extend towards $28, $34, and $41.
Technical Price Indicators Point to Strong Upside In ETC Price
On the daily chart, the ETC price is trading above the 200-day EMA band, indicating bullish momentum and long-term buyer interest. Short-term moving averages, such as the 20-day and 50-day EMAs, also confirm a positive shift. Momentum indicators like MACD and AO histograms are expanding upward, signaling a strong continuation rally. The CMF has spiked above the zero line, indicating capital inflows supporting the upward push. The RSI stands at 58, comfortably in the high momentum zone and far from overbought conditions, reinforcing the strength of the current rally.
Derivatives Market Adds to Bullish Sentiment For ETC Price
The derivatives market reflects a strong bullish sentiment for ETC, with the “top trader long/short ratio on Binance” at 2.8425, showing overwhelming optimism. Open interest has surged 31% to $282.27 million, while derivatives volume has increased by over 360% to $1.30 billion. This data suggests that leveraged traders are positioning aggressively for continued gains, in line with the breakout seen on the ETC/USD chart.
In conclusion, the ETC price breakout and positive technical indicators, along with strong derivatives market data, point towards a potential uptrend for Ethereum Classic. Traders and investors are advised to monitor key resistance levels and technical signals to capitalize on the current bullish momentum in the ETC market.