Ethereum Classic Reaches $25.15 for 85% Weekly Gain

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With a risk-on sentiment, investors are switching their investments from safe-haven assets to stocks and crypto. That is one of the primary reasons for the current bullish trend in the cryptocurrency market. On July 19, the opening price of Ethereum Classic was $25.36, fluctuated between a low of $24.26 and a high of $27.76 during the day. Its current price is around $24.57, up 7.15 percent today, and appears to be rising.

Ethereum Classic on a Bullish Run amid Ethereum Merge Update

Following the Ethereum Merge update news, the ETC cryptocurrency appears to be generating a lot of attention. With the Ethereum Merge, Ethereum will go from Proof-of-Work to Proof-of-Stake (PoS). The Ethereum developers revealed the final date for the upgrade, which is September 19. The Ethereum and Ethereum Classic cryptocurrency experienced a rapid increase after the official date was revealed.

Global Cryptocurrency Market to Reach $1 Trillion

Ethereum Classic appears to be helping the global cryptocurrency market reach the $1 trillion mark once more. ETC, which fell 44.88% in June, struggled to gain momentum to compensate for these losses until recently. On July 12, the altcoin began to rise and recovered from its lows. The 62.5% increase raised the altcoin’s value to the point where ETC could begin recouping its May losses.

The Ethereum Classic (ETC) is seeing significant gains, aided partly by network activity on the primary Ethereum blockchain, specifically the Merge upgrade scheduled for September. However, the factor appears to be pushing for a breakout in ETC’s price and driving up ETH’s price. 

During the previous week, the price of Ethereum Classic climbed dramatically. This brought the previous weeks of trading to a close in a consolidation phase, indicating the presence of ETC bulls. As a result, Ethereum Classic, the heir to the original Ethereum blockchain, got off to a good start this week.

First Hard Fork Splits ETC and ETH

Following the first hard fork, Ethereum was split into Ethereum Classic and Ethereum. The ETC project claims it can withstand censorship and be created as a solution to contract censorship on its sister chain, Ethereum. Furthermore, one of the more well-known ETC supporters, CEO of Digital Currency Group Barry Silbert, frequently discusses the coin in public, which keeps support for the original Ethereum Classic coin alive.

Furthermore, despite outflows from whale addresses, ETC has maintained a substantial upside. This indicates that Ethereum Classic is in high demand among consumers. Its volume metric has also increased significantly in the last 24 hours, pushing it to the highest monthly levels, with volume peaking at $9.35 million.

Before we get into the short-term price prediction of the Ethereum Classic, you can quickly look at the Ethereum price prediction from 2022 to 2025.

Ethereum Classic Price Chart – Souce: Tradingview

ETC/USDT Daily Technical Levels

Support     Resistance

21.1934      27.4534

17.0967     29.6167

14.9334     33.7134

Pivot Point: 23.3567

Ethereum Classic Technical Outlook

The ETC/USD coin is trading strongly bullish at $25.75 after breaching the downward trendline at $15 on July 15. The coin has formed the “Three White Soldiers” candlestick pattern, indicating that investors have a solid bullish bias. The ETC/USD coin crossed over the 50-period EMA (exponential moving average) on the daily chart, indicating a bullish bias among investors. Leading technical indicators such as the RSI (relative strength index) and MACD (moving average convergence divergence) are above 50 and 0, respectively. Both of the indicators point to a strong bullish bias.

The ETC/USD coin may encounter significant resistance at the $25.85 level. On the other hand, a surge in Ethereum classic demand could cut through the $25.85 level, exposing its price to the $30.10 and $33.05 resistance levels. Alternatively, support for the ETC/USD coin could be found near $22.55 and $18.70. Keep an eye on ETC/USD’s double top resistance level of $25.85, as the ETC could go long above this level and vice versa.

Following the latest updates in the Ethereum Classic price, those interested in getting in on the action can Buy Ethereum Classic from various sources. Good luck! 

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