Ethereum Classic nears $35 as price surges 10% in 24 hours

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Grafa2024/11/26 10:00

By:Mahathir Bayena

Ethereum Classic (CRYPTO:ETC) experienced a 10% increase in the last 24 hours, positioning the altcoin closer to the $35 resistance level.

The rally, fueled by whale accumulation, social media buzz, and market momentum, has investors speculating on ETC’s next move.

After rebounding from the $25 support level, Ethereum Classic has rallied over 23%, trading around $31 at the time of writing.

Analysts note that the recent price breakout indicates that bulls have regained control, establishing $25 as a critical support foundation for ETC’s current upward trajectory.

According to data from Santiment, whale activity has significantly increased, signaling renewed interest among large market players.

The percentage of stablecoin supply held by whales with over $5 million in USD saw a notable rise, suggesting strategic accumulation of ETC.

Additionally, social volumes for Ethereum Classic have reached their highest levels since May 2024, indicating heightened retail interest.

Historically, such increases in social engagement often precede further price gains.

The immediate resistance at $35 poses a significant psychological barrier.

Analysts suggest that breaking past this level could result in substantial buy orders, potentially propelling ETC to higher resistance zones.

The continuation of ETC’s bullish trend will likely depend on broader market conditions and sustained institutional interest.

Increased open interest on exchanges further supports the possibility of continued upward movement.

At the time of reporting, the Ethereum Classic (ETC) price was $29.55.

Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

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