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Ethereum Classic Price Forecast: Will ETC Soar To $60 Mark By The End Of March?

Ethereum Classic Price Forecast: Will ETC Soar To $60 Mark By The End Of March? WikiBit 2024-03-06 04:03

Ethereum Classic price forecast: ETH has emerged as a standout in the decentralized blockchain secto

Ethereum Classic price forecast: ETH has emerged as a standout in the decentralized blockchain sector, with its price making a remarkable jump of 5% within a mere 24-hour window. Currently, the Ethereum Classic price is trading at $36.41. This upward trajectory suggests a bullish trend is unfolding in the market for Ethereum Classic.

Ethereum Classics trading volume has seen a robust increase, soaring over 196% to reach $1.7 billion in the same time frame. This surge in trading activity points to a heightened interest from the cryptocurrency trading community. Positioned 22nd on CoinMarketCap, Ethereum Classic boasts a live market capitalization of $5.17 billion, marking a significant milestone.

Ethereum Classic Price Forecast

For the first time since September 2022, the price of Ethereum Classic has climbed past the $35 threshold, catching the eye of investors and traders. Recently, the currency has witnessed a substantial rise, appreciating more than 45% over the past month and over 28% in the last week, following a bullish breakthrough.

Ethereum Classic Price Forecast: Bullish Trends Propel ETC Forward

Market momentum for Ethereum Classic accelerated after it fluctuated within a higher trend band, ranging between $30 and $37 for about a week. This movement culminated in a push past the resistance level. The markets optimism is mirrored in the broader cryptocurrency landscape, with Bitcoin surpassing the $64,000 mark and Ethereum breaking the $3,400.

If the market maintains its current upward momentum, the price of Ethereum Classic (ETC) might soon exceed the $40 level. This progress could set the stage for a rally toward the $50 resistance area. An extension of this bullish trend could even test the $60 resistance barrier. On the flip side, a negative shift in market sentiment could push ETC back down to the $30 support zone, with a further drop to $20 possible if the situation deteriorates.

Ethereum Classic Price Forecast: Potential for Further Growth

Technical analysis of daily trading charts presents a positive outlook for ETC‘s short-term path. The Moving Average Convergence Divergence (MACD) indicator shows promising signs, with a significant bullish indication as the MACD line overtakes the signal line, suggesting it’s a good time to buy.

Ethereum Classic Price Chart: Tradingview

The markets buying strength is further underscored by the Relative Strength Index (RSI), which has climbed above 70. This points to a stronger buying momentum compared to selling pressure. Additionally, the Awesome Oscillator is displaying green bars, reinforcing the bullish sentiment in the market.

Disclaimer:

The views in this article only represent the author's personal views, and do not constitute investment advice on this platform. This platform does not guarantee the accuracy, completeness and timeliness of the information in the article, and will not be liable for any loss caused by the use of or reliance on the information in the article.

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