- Retail interest is also climbing in Ethereum Classic, as social volume metrics hit their highest levels since May 2024, highlighting growing market chatter.
- The $35 level remains a psychological and technical barrier for ETC, with a decisive breakout potentially unlocking further upside.
Ethereum Classic price has again turned heads as it pressed upwards, gaining more than 10% the last day. This has brought it close enough to the critical zone of $35, raising concerns whether it’s going to surpass it or fall back. However, the ETC price witnessed a significant retracement after the surge. Nonetheless, technicals seem optimistic.
Ethereum Classic Whale Activity & Market Sentiment
ETC’s recent rally follows a significant rebound from its $25 support level, marking a recovery of over 23%. However, the crypto is now trading around $27, showcasing a significant pullback. Nevertheless, last day’s surge highlights the bulls’ reassertion of dominance after a brief correction, establishing $25 as a crucial support level.
The ability of ETC to defend this zone despite today’s downturn has reinforced its current upward trajectory, setting the stage for further gains, reported CNF. Blockchain analytics show significant behavior changes in whales, a strong driver behind this rally.
Data on Santiment indicates a sharp increase in stablecoin holdings among addresses holding over $5 million. That reflects a renewed interest among big-scale investors. This forms an accumulation trend that often shows whales positioning strategically ahead of ETC price growth that lasts longer.
Retail interest in ETC is also gaining momentum, following social volume metrics that hit their highest levels since May 2024, indicating growing chatter around the asset. Throughout history, increased social activity has served as a precursor to future price action, and ETC is seemingly following that script.
Main Resistance Zones & Price Levels for ETC
As the Ethereum Classic price approaches the $35 resistance level, which is also the psychological boundary, that will become a tough test for the asset. A decisive break above this barrier will unlock additional upside potential. This could lead to the addition of more buy orders to create an avenue for ETC prices to challenge higher resistance zones.
Market indicators that indicate an increase in Open Interest across the exchanges will continue to support further gains. However, the continuation of the trend depends on the overall scenario and whether there is sustained interest from institutional investors.
Ethereum Classic’s recent rally shows investor confidence has been resurging lately, with strong support levels, whale accumulation, and growing interest from the retail crowd. Nonetheless, at this point, the $35 resistance remains critical. Due to the latest downtrend, it doesn’t seem highly likely that ETC would carry all the way up to spot rates within days.
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