With a remarkable run in early 2024, the ETC price gains momentum with a range breakout and a huge breakthrough signal. Further, the recent bounce in the altcoins market comes with the great news of Bitcoin Spot ETF approval given by the U.S. SEC under Gensler’s chair.
In the bigger picture, the crypto market observes a bigger jump in altcoins than Bitcoin for this monumental milestone. With such newfound momentum and the increased greed in the market, the ETC price prediction teases a stronger uptrend in 2024.
Source – Tradingview
In the weekly chart, the lower high formation for ETC price was a common trend in the previous bear era, lasting till 2022. With a year-long consolidation range in 2023, the Ethereum Classic price failed to surpass the overhead boundary at $23.
However, with the recent comeback, the Ethereum Classic price gives a bullish breakout of the range formation. This marks a significant trend reversal signal in ETC price and projects a prominent entry signal for sideline traders.
Moreover, the hype results in the 250% growth in the 24H volume, supporting the sharp jump and teasing an uptrend continuation. Currently, the ETC price trades at $28.43 and forms a bullish engulfing candle in the daily chart.
Technical indicators:
MACD: The MACD and signal lines on the daily chart indicate a bullish crossover, with positive histograms resuming. Therefore, the momentum indicator supports the extension of the breakout rally.
EMA: In the weekly ETC price chart, the 200 and 50 EMA reflect a sideways trend, but the recent jump increases the golden crossover possibility.
Will ETC Price Reach $40?
With its impressive break above the $25 barrier, the Ethereum Classic is primed to continue its bullish breakout rally. In addition, the rising sentiment is leading to an increased willingness of investors to take risks, which is fueling the altcoin market rally.
If the market conditions continue to be favorable, the ETC price may break out and cross multiple resistance levels, reaching $40 soon. However, if ETC fails to maintain its momentum, it may retest the $25 level.
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