
Ethereum Classic (ETC) Echoes BCH 2023 Rally — Analyst Eyes $55 Target
In a striking similarity to Bitcoin Cash’s explosive 2023 rally, Ethereum Classic (ETC) is echoing the same pattern. Crypto analyst @hbj_trades has predicted that ETC could rally towards $55 if it breaks and holds above the $25 weekly resistance level.
ETC’s recent price surge of over 22% on July 18 has brought its value to $24.54, with a significant increase in trading volume of 196.75% to $672.74 million, indicating strong interest at this resistance level.
Another analyst, @dyslexboy, has also drawn parallels between ETC’s structure and BCH’s 2023 breakout. Both tokens exhibited similar consolidation patterns before attempting to reclaim key levels. This bears a striking resemblance to the 2023 rally that saw BCH skyrocket over 7x in under two months after breaking resistance.
ETC’s weekly chart displays a comparable pattern, with the $25 level having not been reclaimed since March 2024. The current move towards this level has the potential to trigger a breakout.
The daily Relative Strength Index (RSI) of ETC reached an overbought level of 85.04, often preceding breakouts when combined with strong volume, as seen during BCH’s 2023 surge. Furthermore, the funding rate, which suggests more traders are betting on upside through long positions, also supports a bullish trend.
While the $55 target may seem ambitious, it is not unprecedented. ETC has failed to hold above the price range between $28 and $30 in the past, but if this level can be overcome with increasing volume, further gains could follow.
ETC’s correlation with Ethereum (ETH) also warrants attention. The surge in ETH’s value has led some traders to rotate into related assets like ETC, which historically reacts strongly to Ethereum’s moves due to its high-beta altcoin nature.
Source: coinchapter.com