Bittime – Ethereum Classic (ETC) has recently received attention due to its notable price increase, along with the approval of an Ethereum (ETH) exchange-traded fund (ETF) by the US Securities and Exchange Commission (SEC). Although much of the focus is on Ethereum, ETC has quietly recorded significant gains.
ETC's Response to Ethereum ETF Approval: ETC is in the Discussion!
On May 23, the SEC approved several ETH ETFs, sparking widespread discussion in the crypto community. However, Ethereum price experienced a correction shortly after the news. In contrast, Ethereum Classic experienced positive price movements. According to CoinMarketCap, ETC saw an increase of more than 17% in the last week, with an increase of more than 3% in just the last 24 hours. Currently, ETC is trading at $32.07, with a market capitalization that exceeds $44.7 billion.
This price spike also increased ETC's social volume and positive market sentiment. This shows that investor confidence remains strong, potentially driving further gains.
Also read the analysis behind the soaring price of Ethereum Classic (ETC) and Reserve Rights (RSR)
Source: Santiment
Check Today's Crypto Market:
Upcoming Ethereum Classic Halving
Adding to the bullish sentiment is the upcoming fourth Ethereum Classic halving event, scheduled for May 31. The previous halving occurred on May 11, 2020. Halving events typically reduce the rate at which new coins are created, often leading to increased scarcity and potential price increases. These upcoming events could further strengthen ETC's upward momentum.
ETC Halving 31 May 2024
Also read: Ethereum Classic Will Halving at the End of May 2024, What's the Future?
Market Metrics Show Bullish Trend
To assess whether Ethereum Classic can sustain the rally, we analyzed data from AMBCrypto and Santiment. The findings reveal a substantial increase in ETC trading volume, which is a positive indicator for the continuation of the bullish trend. Additionally, open interest in ETC remains high, further indicating the possibility of continued price growth.
ETC to SUDT Analysis by AMBCrypto | TradingView
Check ETC to IDR Via Bittime Exchange
The Money Flow Index (MFI) for ETC also showed a sharp increase, indicating strong buying activity. However, it should be noted that not all indicators are completely positive. The Relative Strength Index (RSI) for ETC has shown a downward trend, and the price has reached the upper limit of the Bollinger Bands, which could signal potential volatility.
Also read Ethereum Classic Price Prediction 2024-2030: Can ETC Go Fast?
Potential Price Movements
- If Ethereum Classic faces a bearish turn, investors may see the price drop to $29, providing a potential surge point.
- Further declines could push ETC down to $27.
- On the other hand, if the bullish trend continues, ETC could reach the $34-$35 range in the coming days.
Conclusion
Ethereum Classic's recent performance and upcoming halving event offer promising prospects for this cryptocurrency. Despite the potential risks, overall market sentiment and key metrics suggest that ETC could maintain its upward trajectory, potentially reaching new records in the near term. Investors should continue to monitor market developments and be prepared for possible fluctuations.
Cara Beli Ethereum Classic (ETC) di Bittime
You can buy and sell Ethereum Classic (ETC) in an easy and safe way via Bittime. Bittime is one of the best crypto applications in Indonesia which is officially registered with Bappebti.
Ethereum Classic (ETC) is available on Bittime with the market pair ETC/IDR . To be able to buy ETC IDR at Bittime, make sure you have registered and completed identity verification. Apart from that, also make sure that you have sufficient balance by depositing some funds into your wallet. For your information, the minimum purchase of assets on Bittime is IDR 10,000. After that, you can purchase crypto assets in the application.
Monitor price chart movements for Ethereum Classic (ETC), Bitcoin (BTC) , Ethereum (ETH) , Solana (SOL) and other cryptos to find out today's crypto market trends in real-time on Bittime.
Also read:
Differences between Ethereum Classic (ETC) and Ethereum (ETH) that you need to know
Ethereum Classic Outperforms ETH! What Makes It Special?
Ethereum History Story: How Ethereum Became Popular
DISCLAIMER : This article is informational in nature and is not an offer or invitation to sell or buy any crypto assets. Trading crypto assets is a high-risk activity. Crypto asset prices are volatile, where prices can change significantly from time to time and Bittime is not responsible for changes in fluctuations in crypto asset exchange rates.
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