Aside from ENS, which has stolen the show from Ethereum, ETC has joined the bullish party with an impressive gain in the last 24 hours. This has triggered a huge price explosion near its 17-month high.
Following a solid bounce above $20 on the first day of the week, Ethereum Classic initiated a bigger move yesterday and saw a massive breakout on the weekly timeframe for the first time in twenty months.
Although, it recorded a notable gain during the recent bullish cycle but is not huge enough to bring the crypto out of the woods in the short term.
Meanwhile, the spot Bitcoin ETF approval, which has been the fundamental sentiment driving the crypto space since yesterday, may trigger bigger price movements in the coming days. And if the sentiment cools off, we can expect a brief break in buying until it finds a solid ground for a rebound.
However, it is important to note that ETC is now highly bullish on the daily chart as it reached its highest price level since September 2022 – suggesting an increase in volume inflow. This might just be the beginning as the future looks so promising for the token.
While the crypto technically resumed bullish on the daily timeframe, several obstacles lie ahead for the buyers in the quest for more gains.
ETC’s Key Level To Watch
Currently, the $32.3 level has rejected buying pressure on the daily chart. If ETC pushed high, it may face a close resistance at $32.7 before testing $34.5. Overcoming these levels should propel buying to $37 in no time.
The price has pulled back to $30. If the $29 level fails to produce support, ETC may navigate $27.2 and probably $25 for a solid rebound.
Key Resistance Levels: $32.7, $34.5, $37
Key Support Levels: $29, $27.2, $25
- Spot Price: $30
- Trend: Bullish
- Volatility: High
Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.
Follow us on Twitter @nulltxnews to stay updated with the latest Crypto, NFT, AI, Cybersecurity, Distributed Computing, and Metaverse news!
Image Source: nexusplexus/123RF // Image Effects by Colorcinch
Source: https://nulltx.com/ethereum-classic-price-analysis-prediction-january-12-etc-breaks-to-a-new-monthly-high-as-it-jumps-30-in-a-day/