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- ETC trades at $21.76 with steady weekly growth of 2.82%, showing cautious investor interest.
- The ascending triangle pattern points to potential breakout levels at $25, $29, $32, and $37.50.
- RSI at 49.29 and MACD weakness show balance, while futures data signals mild bullish sentiment.
Ethereum Classic (ETC) is likely to continue its stable growth in the short term. As of press time, the coin is trading at $21.76, marking a 0.62% increase over the past 24 hours. The trading volume has fallen by 0.63% and currently stands at $154.32 million.
Source: CoinMarketCap
ETC has been increasing by 2.82% in the last week, which is an indication of slow growth. This increase indicates the steady interest of traders and investors. The trend suggests that enhancing market activity could lead to stronger moves.
ETC Nears Breakout Zone with Ascending Triangle Signals
Crypt analyst Jonathan Carter highlighted that Ethereum Classic (ETC) is approaching a horizontal resistance target but with higher lows on the daily chart. He stated that such an arrangement is an indication of an upward triangle shape, a trend that traders commonly relate to the potential of future breakouts in technical markets.
Analysts added that a recovery off the 50-day moving average could strengthen the bullish case of ETC. He added that greater momentum could enable the coin to move toward higher ground, and potential targets could be $25.00, $29.00, $32.00, and $37.50.
Source: X
Also Read: XRP ETF Demand Surges: Experts Reveal Shocking Growth and Approval Odds!
RSI Holds Neutral as MACD Signals Weak Momentum
The Relative Strength Index (RSI) indicates equal market dynamics. The RSI is 49.29, which is also close to the neutral 50. The RSI moving average stands at 51.25, indicating that there is no excess of either buying or selling. A gain above 55 can be a confirmation of renewed bullish pressure.
Source: TradingView
The Moving Average Convergence Divergence (MACD) will trigger an alarm. The MACD line is at 0.16, and the signal line is at 0.31. A weak momentum is indicated by -0.16 in the histogram. This is a sign of decelerating purchasing power. However, a crossover above zero would influence the outlook in favor of bulls.
ETC Futures Activity Grows with Rising Open Interest
According to CoinGlass data, the open interest increased by 2.39% up to $247.52 million. Additionally, the trading volume surged by 8.73% to $310.28 million. The OI-weighted funding rate is 0.0104%, which suggests a mild bullish stance. Despite softer spot activity, futures traders remain optimistic in their positioning.
Source: CoinGlass
Ethereum Classic is trading within a critical zone. A confirmed breakout may drive ETC to greater heights. Inability to overcome resistance can prolong consolidation. The traders are vigilant because there is a gathering force in the prevailing price range.
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