Classic Ethereum (ETC)) bulls have been active for the past week, pushing the token price higher with significant gains in the past seven days. A seven-day price rise of over 22% saw ETC break the $15.79 resistance level at $18.74 at press time.
Bullish signs point to more rallies for Ethereum Classic as global market capitalization increases, gradually driving Bitcoin towards the $31,000 mark. The token could be gaining momentum to conquer the $20 mark in the coming days.
Ethereum Classic Price Swings
Ethereum Classic (ETC) was launched in July 2016 as a hard fork of Ethereum that supports decentralized applications (DApps). The main goal of the Ethereum Classic launch is to preserve the originality of the Ethereum blockchain. In early June, the ETC price pulled back from its key support level of $18.25. It plunged into a bearish swing that caused severe losses for the token.
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The ETC price plunged rapidly from over $18 on June 4 to under $15 in mid-June. The token traded sideways between June 10 and June 20 before skyrocketing to $19.17 on June 24, up more than 27% in price.
Fortunately, ETC regained momentum after several days of bearish movement. And Ethereum Classic was among the coins that benefited from the buzz generated by multiple Bitcoin ETF filings by major US-based asset managers.
The token is showing bullish signs as the market rallied slightly today after a brief correction in the last 24 hours. As of this writing, ETC is trading at $18.74, with a 24-hour price increase of 2.52% and a seven-day value growth of 22.89%.
Can Ethereum Classic Bulls defend the ongoing rally?
Buyers took over the market between June 23 and 24. Mounting buying pressure pushed trading volume from $151.66 million to over $500 million on June 24.
Although there was a setback, another rebound in trading volume is noted, with an increase of 43.29% in the last 24 hours. This suggests that the bulls are determined to reclaim the $20 level and could achieve the objective if the increase in trading volume continues.
The key support level of Ethereum Classic is currently at $18.42 on its TradingView daily chart. The bulls are working with the $19.44 resistance level in mind. But ETC price may soar above $20 once the bulls successfully push the token from the $19.44 resistance.
He cryptocurrency market the outlook shows signs of recovery as most currencies are trading in the green zone. But the overall market outlook suggests a mixed reaction from investors, as some coin prices are still in the red.
Bitcointhe top cryptocurrency, is up 0.91% in 24 hours with a gain of 14.20% in seven days, while Ethereum is still fluctuating between the red and green zones.
There is a good chance that ETC will maintain its rally if market sentiment turns fully bullish.
Featured image from Pixabay and graphic from TradingView.com
