- The price of Ethereum Classic has risen by more than 3% in the past 24 hours.
- ETC was waiting for its fourth halving, scheduled for May 31.
All eyes remained on the king of altcoins as the US SEC approved exchange filings to enter the market Ethereum [ETH] ETFs. But Ethereum classic [ETC] quietly stole the show when it registered a promising price increase in recent days.
Does this mean a new rally for ETC?
Ethereum Classic’s Response to ETF Approval
The US Securities and Exchange Commission (SEC) recently approved the listing of ETH ETFs on May 23. This has been a major topic of discussion since then, but the price of ETH underwent a correction shortly afterwards.
However, Ethereum Classic responded in a different way. According to CoinMarketCapETC has risen more than 17% in the past seven days. In the last 24 hours alone, the value of the token has increased by more than 3%.
At the time of writing, ETC was trading at $32.07 with a market cap of over $44.7 billion.
Thanks to the price increase, social volume also skyrocketed, reflecting its popularity. Moreover, weighted sentiment remained in the positive zone. This meant that bullish sentiment remained dominant in the market.
Source: Santiment
Ethereum Classic is awaiting halving
This all happened while Ethereum Classic was waiting for its fourth halving, scheduled for May 31. The last ETC took place on May 11, 2020.
The event could fuel bullish sentiment and allow the token to continue its upward trajectory in the coming days.
Source: Nicehash
To see if the metrics also supported a continued bull rally, AMBCrypto analyzed Santiment’s data. We found that ETC’s trading volume increased significantly along with its price.
This can be considered an optimistic development as an increase in volume sets the stage for a bull rally.
Moreover, open interest remained relatively high. This suggests that there is a good chance that the current price trend will continue.
Source: Santiment
Apart from these figures, Ethereum Classic’s Money Flow Index (MFI) also recorded a sharp increase, indicating further price appreciation.
However, not everything looked perfect as the Relative Strength Index (RSI) moved south. Moreover, the price of ETC also reached the upper limit of the Bollinger Bands, which could cause problems.
Source: TradingView
Read Ethereum Classics [ETC] Price prediction 2024-25
If ETC actually turns bearish, investors could witness a drop in the token’s price to $29. At that level, ETC will have the opportunity to recover.
A further price drop could push the token to $27. However, if the bull rally continues, ETC is likely to touch $34-$35 first in the coming days.
Source: Hyblock Capital