Ethereum Classic (ETC) bulls have been active over the past week, pushing the price of the token bullishly with significant gains over the past seven days. A seven-day price surge of over 22% caused ETC to break the $15.79 resistance level to $18.74 at the time of writing.
Bullish signals point to more rallies for Ethereum Classic as the global market cap rises, gradually pushing Bitcoin towards $31,000. The token could gain momentum to smash the $20 mark in the coming days.
The price fluctuations of Ethereum Classic
Ethereum Classic (ETC) was launched in July 2016 as a hard fork of Ethereum that supports decentralized applications (DApps). The main purpose of launching Ethereum Classic is to maintain the originality of the Ethereum blockchain. Earlier in June, the price of ETC moved back from the key $18.25 support level. It crashed into a bearish swing that caused serious losses for the token.
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The price of ETC dropped rapidly from over $18 on June 4 to under $15 in mid-June. The token traded sideways between June 10 and June 20 before skyrocketing to $19.17 on June 24, with its price rising more than 27%.
Fortunately, ETC recovered momentum after several days of bearish movement. And Ethereum Classic was one of the coins that benefited from the buzz generated by multiple Bitcoin ETF filings by leading US asset managers.
The token is showing bullish signs as the market recovered slightly today after a brief correction in the past 24 hours. At the time of writing, ETC is trading at USD 18.74, with a 24-hour price increase of 2.52% and a seven-day value appreciation of 22.89%.
Can Ethereum Classic Bulls Defend Continued Rally?
Buyers took control of the market between June 23 and June 24. Mounting buying pressure pushed trading volume from $151.66 million to over $500 million on June 24.
Although there was a pullback, there has been another surge in trading volume, up 43.29% in the last 24 hours. This suggests that the bulls are determined to claim the $20 level and could reach the target if the increase in trading volume continues.
Ethereum Classic’s main support level currently stands at $18.42 Trade view daily chart. The bulls are working with the $19.44 resistance level in mind. But the ETC price may shoot above $20 once the bulls have successfully pushed the token off the $19.44 resistance.
The cryptocurrency market the outlook shows signs of recovery as most coins trade in the green zone. But the overall market outlook suggests a mixed reaction from investors as some coin prices are still in the red.
Bitcointhe leading cryptocurrency, is up 0.91% in 24 hours with a gain of 14.20% in seven days, while Ethereum continues to fluctuate between the red and green zones.
Chances are that ETC would sustain its rally if market sentiment turns full bullish.
Featured image from Pixabay and chart from TradingView.com