Investor interest in Ethereum Classic [ETC] appears to be on the rise once again, with the digital asset experiencing a significant surge of over 10% within the last day.
The recent movement of this altcoin has brought it within striking distance of the crucial $35 resistance level, sparking discussions about its potential trajectory in the immediate future.
Positive Indicators for ETC
After a correction that saw ETC dip to the $25 support level, the altcoin has rebounded impressively by more than 23%, reaching a trading price of $31 at the time of writing.
The breakout followed by a correction around the $25 mark suggests that market bulls have regained control of the momentum.
The successful defense of the $25 support level during recent downturns has laid a strong foundation for the current upward trend.
Is the Bullish Trend Sustainable?
According to insights from Santiment’s data analyzed by CryptoCrypto, there have been significant changes in whale behavior recently. Large holders are once again showing interest in accumulating ETC, as evidenced by the recent surge.
Notably, the percentage of stablecoin total supply held by whales with over $5 million USD has spiked in the past 24 hours, indicating strategic positioning by major players.
Furthermore, ETC’s social volumes have reached their highest levels since May 2024, indicating a growing retail interest in the asset.
Previous trends have shown that spikes in social engagement often precede notable price movements, and ETC seems to be following this pattern. The increasing social volume could herald an upcoming rally.
Short-Term Price Targets for ETC
The $35 resistance level represents a significant psychological hurdle for ETC.
A successful breakthrough above this point could trigger a wave of buy orders, potentially pushing Ethereum Classic to test higher resistance levels.
The continuation of the current bullish momentum is likely contingent on broader market conditions and sustained institutional interest.
With an increase in Open Interest in USD per Exchange, the market structure for ETC appears conducive to further upside potential.