Ethereum Classic’s Recent Surge Sparks Discussions on Potential Resistance Breakout and Continued Bullish Momentum

• Ethereum Classic continues to experience significant momentum, with recent whale accumulation and heightened social engagement driving its price upward.

• The cryptocurrency has surged over 10% in just 24 hours, reinforcing bullish sentiment among investors and analysts alike.

• “The recent rally showcases not only the resilience of Ethereum Classic but also the shifting interests of major market players,” noted an expert from COINOTAG.

Ethereum Classic price surges over 10% fueled by whale accumulation and strong social engagement, suggesting bullish momentum ahead.

ETC signals further upside potential

After a strategic retraction to the $25 support level, Ethereum Classic (ETC) has rebounded impressively, surging over 23% and stabilizing around $31 at the time of writing. This recovery not only indicates strong buying interest from investors but also highlights a significant market shift following a brief corrective phase. The asset’s ability to maintain above the critical $25 support has established a solid foundation, enhancing confidence among traders regarding continued upward trends.

Source: TradingView

Bullish run to continue?

Insights from Santiment indicate a notable increase in whale activity, with significant entities once again accumulating ETC as prices escalate. The data shows a marked increase in the stablecoin supply held by whales possessing over $5 million, reflecting a tactical re-positioning by influential market players.

Source: Santiment

Further supporting this bullish outlook, social engagement metrics show that social volumes for ETC have soared to levels not seen since May 2024, indicating a resurged interest among retail investors. Historically, such increases in social engagement are often precursors to price rallies, suggesting that the current trend may lead to further positive price action.

Source: Santiment

ETC near-term price targets and market sentiment

The near-term outlook for Ethereum Classic indicates critical resistance at the psychological level of $35. Breaching this threshold could lead to substantial buy orders and potentially higher resistance levels. Despite the current bullish momentum, it is essential to consider external market conditions, as these can significantly influence the continuity of the upward trend.

Additionally, the recent uptick in Open Interest across exchanges signals potential support for the momentum, reinforcing the bullish structure of the ETC market. Investors remain optimistic but should remain cautious, keeping a close eye on broader market trends.

Source: Santiment

Conclusion

In conclusion, Ethereum Classic’s recent rally, buoyed by whale accumulation and heightened social interaction, paints a promising picture for the altcoin. As it approaches critical resistance levels, the market remains abuzz with speculation regarding potential future movements. Investors should remain vigilant, monitoring market sentiments and broader trends that could impact the trajectory of ETC in the coming days.