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Ethereum Classic (ETC) is poised to repeat the explosive price action seen in Bitcoin Cash (BCH) during its 2023 rally, according to a prominent crypto analyst. The prediction comes as ETC’s price rises sharply, fueled by Ethereum’s (ETH) own impressive gains.
As of July 18th, ETC has surged more than 22% to reach $24.54, accompanied by an astonishing 196.75% increase in trading volume to $672.74 million. This surge is not only a testament to the token’s increasing interest but also raises questions about whether it will continue to follow a similar pattern seen in BCH’s dramatic rise in 2023.
For those who may be unfamiliar, ETC originated from Ethereum’s own fork in 2016 and has since become known for its high-beta altcoin status. This means that it can react more strongly to Ethereum’s moves. The current surge in ETH, which has risen over 20% in the past week alone, could be the catalyst for a similar rally in ETC.
The analyst, @hbj_trades, believes that if ETC breaks and holds above the $25 weekly resistance level, there is potential for a significant price rise. A target of $55 has been set by the analyst, representing a whopping 124% gain from current levels.
Similar to BCH’s past performance, the analyst notes that ETC would need to reclaim its previous support zone before embarking on this ambitious rally. The $38 level served as a key reversal point in previous rallies and could also act as a resistance level if the token fails to hold above it.
In conclusion, ETC appears to be on a trajectory similar to BCH’s 2023 performance, with the possibility of reaching levels not seen since its May 2021 all-time high of $176.
Source: coinchapter.com
