Making a bullish comeback in December, the Ethereum Classic price blazes up this Winter season. Ready to extend the 38% year-to-date growth, the ETC price lights up a breakout rally as it drinks up the increased momentum thanks to the recovery phase in the overall market.
With Bitcoin and Ethereum prices shooting higher above $40K and $2.2K, Ethereum Classic is ready to spread its wings and rise higher. Turning the ETC price prediction more bullish, the buyers are lining up to pay the premium for ETC tokens.
Source – Tradingview
With the slow but gradual rise in the ETC price gaining momentum, the trend analysis marks a strong comeback. Making a rounding bottom pattern in the daily chart, the recovery rally plans a trend continuation to start 2024 at higher levels than 2023.
The recent bounceback within the continuation pattern finds an increase in the trading volume, reflecting a rise in demand. Further, the ETC price gives a bullish breakout as it crosses the long-term barrier at $20.
With a moonshot rally at high speed, Ethereum Classic has jumped by 16.26% in the last seven days to form consecutive bullish candles. Moreover, the ETC price trades at $21.52 with an intraday growth of 5.87%, forming a solid bullish engulfing candle.
Technical indicators:
MACD: The MACD and signal lines give a bullish crossover signal in the daily chart, with the revival of positive histograms. Therefore, the momentum indicator supports the extension of the breakout rally.
EMA: The golden crossover in the 50D and 200D EMA marks a trend reversal in the ETC price and signals entry opportunities for new buyers.
Will ETC Price Reach $30?
With the eye-catching breakout of the $20 barrier, Ethereum Classic is ready to start a bullish breakout rally. Further, the rising sentiments lead to an increased capacity of investors to take risks fueling the altcoin market rally.
Under such supporting conditions, the ETC price gives a breakout rally and may shortly cross the $25 mark. If the uptrend exceeds the $25 mark, then the altcoin may start 2024 at levels greater than $30.
On the other hand, if Ethereum Classic fails to sustain the momentum, it may fall below $20 to test $17.
