- The price of Ethereum Classic has risen by over 3% in the past 24 hours.
- ETC was awaiting its fourth halving, scheduled for May 31.
All eyes are on the altcoin king after the U.S. SEC approved the exchange’s application for a spot listing. Ethereum [ETH] ETFs. But Ethereum Classic [ETC] It has quietly gained attention by recording encouraging price increases over the past few days.
Does this mean a new upswing for ETC?
Ethereum Classic Reaction to ETF Approval
The US Securities and Exchange Commission (SEC) recently approved the listing of the ETH ETF on May 23. Since then, this has been the biggest topic of conversation, but the price of ETH has corrected soon after.
Ethereum Classic, however, responded differently. CoinMarketCapETC has risen by over 17% in the past seven days. In fact, in the past 24 hours alone, the token’s value has surged by over 3%.
At the time of writing, ETC had a market cap of over $44.7 billion and was trading at $32.07.
The price increase also saw social volume soar, reflecting its popularity. Additionally, the weighted sentiment remained in the positive territory, meaning that bullish sentiment continues to dominate the market.
Source: Santiment
Ethereum Classic Awaits Halving
All this happened while Ethereum Classic awaits its fourth halving, scheduled for May 31. The previous ETC halving occurred on May 11, 2020.
The event is likely to stoke bullish sentiment and enable the token to maintain its upward trajectory for the coming days.
Source: Nicehash
To see if the indicators support a continuation of the bull market, AMBCrypto analyzed data from Santiment, which showed that ETC trading volume has increased significantly along with the price.
This can be seen as an optimistic development as increasing trading volumes form the basis for a bull market.
Additionally, open interest remains relatively high, suggesting that the current price trend is likely to continue.
Source: Santiment
Apart from these indicators, the Money Flow Index (MFI) for Ethereum Classic also recorded a sharp increase, suggesting further price gains.
However, all was not well as the Relative Strength Index (RSI) was also dropping, and ETC price was also hitting the upper end of the Bollinger Bands, which could spell trouble.
Source: TradingView
read Ethereum Classic [ETC] Price Prediction 2024-25
If ETC does indeed turn bearish, investors may witness the token’s price drop to $29, at which level ETC will have a chance to bounce back.
If the price drops further, the token could drop to $27. However, if the bull run continues, ETC could reach $34-35 for the first time in the coming days.
Source: Highblock Capital
