Ethereum Classic Up Over 50% In 2 Weeks, Will This Momentum Still Sustain?

Key Points:

• Ethereum Classic has experienced a surge in the past week, but its upward momentum appears to be slowing down as it approaches the $20 price zone.
• ETC suffered a significant drop on June 10 due to legal issues between the SEC and major US exchanges. However, it rebounded on June 24, soaring over 18% to $19.72.
• The cryptocurrency market, particularly the performance of Bitcoin, may also influence ETC’s future movements.

Ethereum Classic (ETC) has surged dramatically in the last week during a period of robust growth in the cryptocurrency market, boosting hopes for more gains.

However, today, it seems that the upward momentum is faltering as the $20 price zone is about to be approached.

According to TradingView data, Ethereum Classic fell 6.1% today and is currently trading at $17.8, 13% higher than last week.

One point to note is that ETC suffered a massive drop on June 10 following the events regarding the legal issue between the U.S. Securities and Exchange Commission and major US exchanges. Ethereum Classic, which had been sideways for ten days from June 10, soared more than 18% to $19.72 on June 24.

The purchasing trend was focused on the 23rd and 24th, and the trading volume of Ethereum Classic increased from more than $150 million to more than $500 million; at present, ETC’s trading volume is $206 million.

The current price level is also worth keeping in mind as it is trading below the Fib 50% level. Earlier, the ETC price crossed $19.2 to trade above the Fib 61.8% level. So if there is a push to occur, it is very likely that the bullish momentum of ETC is still present.

With Bitcoin approaching $31,000, Ethereum Classic is likely to gain traction and reach the $20 milestone. If the trend continues, the objective might be attained, as the increase in trading volume in Ethereum Classic shows that bulls in the market are aiming for the $20 level.

DISCLAIMER: The information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

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Harold

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