Analyst Sees Possible Parallels Between Ethereum Classic and Bitcoin Cash Market Trends

Ethereum Classic (ETC) Echoes BCH 2023 Rally — Analyst Eyes $55 Target

In a surprising yet intriguing move, Ethereum Classic (ETC) appears to be emulating the explosive rally witnessed by Bitcoin Cash (BCH) in 2023. According to crypto analyst @hbj_trades, ETC may very well follow a similar trajectory if it breaks and holds above the $25 weekly resistance level.

The analyst’s chart indicates a long-term structure where ETC is approaching a breakout zone. Notably, this would not be the first time ETC has drawn parallels with BCH. Ethereum Classic’s legacy value and its exposure to Ethereum beta have been key drivers in past market cycles.

ETC, which originated from Ethereum’s 2016 fork, often mirrors ETH’s movements during bull trends due to its high-beta nature. As such, it is not unprecedented that traders would rotate into ETC as a result of ETH’s recent surge.

Source: coinchapter.com