- Ethereum Traditional’s price elevated by greater than 3% within the final 24 hours.
- ETC was awaiting its fourth halving, which is scheduled for the thirty first of Could.
All eyes remained on the king of altcoins because the US SEC authorized change functions to listing spot Ethereum [ETH] ETFs. However Ethereum Traditional [ETC] silently stole the present because it registered a promising price improve in the previous few days.
Does this imply a recent rally for ETC?
Ethereum Traditional’s response to ETF approval
The US Securities and Trade Fee (SEC) not too long ago authorized ETH ETFs itemizing on twenty third Could. Since then, this has been a prime subject of debate, however ETH’s price witnessed a correction quickly after.
Nevertheless, Ethereum Traditional reacted in a special method. In line with CoinMarketCap, ETC was up by over 17% within the final seven days. In actual fact, within the final 24 hours alone, the token’s worth surged by greater than 3%.
On the time of writing, ETC was buying and selling at $32.07 with a market capitalization of over $44.7 billion.
Due to the price improve, its social quantity additionally shot up, reflecting its reputation. Moreover, its weighted sentiment remained within the constructive zone. This meant that bullish sentiment continued to be dominant available in the market.
Supply: Santiment
Ethereum Traditional awaits halving
All this occurred whereas Ethereum Traditional was awaiting its fourth halving, which is scheduled to occur on the thirty first of Could. The final ETC having occurred on the eleventh of Could 2020.
The occasion can stir up bullish sentiment and permit the token to keep up its upward trajectory over the approaching days.
Supply: Nicehash
To see whether or not metrics additionally supported a continued bull rally, AMBCrypto analyzed Santiment’s information. We discovered that ETC’s buying and selling quantity surged considerably together with its price.
This may be thought-about an optimistic growth, as an increase in quantity acts as the inspiration for a bull rally.
On prime of that, its open curiosity additionally remained comparatively excessive. This means that the potential of the present price development persevering with is excessive.
Supply: Santiment
Other than these metrics, Ethereum Traditional’s Cash Circulate Index (MFI) additionally registered a pointy uptick, hinting at an extra price rise.
Nevertheless, not every part seemed excellent as its Relative Energy Index (RSI) moved southwards. Moreover, ETC’s price additionally touched the higher restrict of the Bollinger Bands, which may trigger hassle.
Supply: TradingView
Learn Ethereum Traditional’s [ETC] Worth Prediction 2024-25
If ETC really turns bearish, then traders would possibly witness the token’s price falling to $29. At that degree, ETC can have a chance to rebound.
An extra drop in price may push the token down to $27. Nevertheless, if the bull rally continues, then it’s possible for ETC to first contact $34–$35 within the coming days.
Supply: Hyblock Capital