The post ETC Price Breaks Out of Downtrend as Momentum Builds Toward $28 appeared first on Coinpedia Fintech News
In the daily time frame, the ETC price has added around 14% today as the price has broken out of its downtrend by conquering the critical resistance level at $21.
This breakout indicates a short-term positive momentum for Ethereum Classic. Now, traders as well as investors will be looking towards higher levels as technical price indicators are aligning with a bullish story alongside derivatives data.
ETC Price Today Clears Key Resistance
As observed on the chart, it’s been witnessed that after months of weakness, finally, Q3 is seeing bullish demand, and the ETC price today has just moved decisively above the $21 threshold.
This marks a significant reversal from the December 2024 downtrend. The surge comes at a time when broader macroeconomic conditions due to higher hopes for rate cuts have boosted investor confidence across crypto markets, fueling renewed interest in Ethereum Classic.
With the breakout, the ETC price chart now shows sustained strength near July’s high, putting $26 as the immediate level to watch.
Therefore, from a technical perspective, if the ETC price can manage to decisively flip $26 into support, short-term targets extend toward $28, $34, and $41.
Technical Price Indicators Point to Strong Upside In ETC Price
On the recent daily chart, the ETC price USD is trading above the 200-day EMA band, which shows a bullish sign that indicates long-term buyers are stepping back in.
Even the Short-term moving averages, including the 20-day and 50-day EMAs, also confirm the positive shift.
Similarly, the momentum indicators such as MACD and AO histograms are expanding upward, which is firmly suggesting that a strong continuation rally could follow.
Likewise, the CMF has recently spiked above the zero line to 0.07, which is showing capital inflows are backing the upward push.
In addition, the RSI stands at 58, comfortably in the high momentum zone and still far from overbought conditions.
Overall, these price signals reinforce the strength and reliability of the current rally, and endorses the near-term Ethereum Classic price prediction.
Derivatives Market Adds to Bullish Sentiment For ETC Price
Adding further weight to the bullish outlook in the ETC price, the derivatives market reflects a strong conviction. The coinglass shows that the “top trader long/short ratio on Binance” currently stands at 2.8425, reflecting overwhelming optimism.
At the same time, the open interest has significantly surged 31% to $282.27 million, while derivatives volume has skyrocketed by over 360% to $1.30 billion.
This clearly suggests that leveraged traders are positioning aggressively for continued gains, which aligns with the breakout seen on the ETC/USD chart.