Ethereum Classic [ETC] appears to be regaining popularity among investors, with the cryptocurrency marking a noteworthy surge of over 10% within the past 24 hours.
The recent movements of this alternative coin have brought it within 10% of the crucial resistance level at $35, sparking conversations about its potential trajectory in the immediate future.
Positive Signs for ETC
After a dip to the $25 support level, the altcoin has risen by more than 23% to trade at $31 at the time of writing.
The breakout from and subsequent correction at the $25 price level suggest that the market momentum is back in the hands of the bulls.
By successfully defending the $25 support level during recent corrections, Ethereum Classic has laid a strong foundation for its current upward trend.
Likelihood of Continued Bullish Momentum
According to a report from CryptoCrypto analyzing Santiment’s data, there have been noticeable changes in whale activity recently. Large holders have shown renewed interest in accumulating ETC, as indicated by the recent spike in price.
Interestingly, the percentage of stablecoins’ total supply held by whales with over $5 million USD has surged in the last 24 hours, suggesting a strategic move by major market participants.
Furthermore, the social volumes related to ETC have hit their highest levels since May 2024, hinting at growing retail interest in the cryptocurrency.
Traditionally, such spikes in social activity often foreshadow significant price movements, and Ethereum Classic seems to follow this pattern. The gradually increasing social volume could signal a forthcoming rally.
Short-Term Price Objectives for ETC
The immediate hurdle at $35 serves as a critical psychological barrier for Ethereum Classic.
A successful breakthrough past this level could result in substantial buy orders, potentially pushing ETC to test higher resistance levels.
The sustainability of the current bullish surge is likely contingent on the broader market conditions and the sustained interest from institutional investors.
With the Open Interest in USD by Exchange witnessing an uptrend, the market structure of ETC appears to support further upward movement.