The post ETC Price Rockets Beyond $20 With ETF News! Next Target $30? appeared first on Coinpedia Fintech News
With the news of BlackRock planning an Ethereum-focused Exchange Traded Fund, the Ethereum forked altcoins took off. With significant gains overnight, the Ethereum Classic’s ETC price is trading at $21.09 and ends the prevailing downtrend.
Completing a bullish reversal and preparing a Launchpad to prolong the rally, Ethereum Classic can find a strong bullish end to 2023. Further, the ETC price prediction teases a price jump in the coming months.
Folding the bullish reveal from $14.75, the ETC price struggled to overcome the descending trendline. However, the recent rally at light speed crosses the supply trendline and starts a new bullish trend. Concluding the lower high formations in the daily chart, the breakout rally brings a trend reversal.
Furthermore, the reversal rally completes a rounding bottom pattern and gives a bullish breakout to reclaim the $20 mark. The 12.76% overnight jump in Ethereum Classic forms a bullish marubozu candlestick with a remarkable increase in trading volume.
Currently, the ETC price trades at $21.09 with an intraday growth of 1.98%, teasing a breakout rally ready to gain momentum. Supporting the rally thesis, the 42% hike in the last three weeks reflects solid underlying demand.
Technical indicators:
MACD: The MACD and signal lines avoid a bearish crossover and regain the bullish gap as the histograms resurface.
EMA: The bullish around in the altcoin price fuels the recovery in the 50D and 200D EMA, supporting the golden crossover possibility.
Will ETC Price Reach $30?
With the overall market conditions improving, the altcoins are ready to rise higher and sustain the bullish momentum. Moreover, the Blackrock Ethereum ETF will be a crucial catalyst driving the ETC price higher and keeping investors hungry. Optimistically, the breakout rally can reach the $30 mark if it rises above $25.
On a side note, short-term resistance levels are present at $23, $25 and $27.
Conversely, if Ethereum Classic crawls back under the $20 mark, it may fall to $17.
#PriceAnalysis [Source: Coinpedia]