Ethereum Classic (ETC) has increased by 14% today after breaking the critical resistance level of $21, signaling potential short-term growth.
ETC Price Breakout
The charts show that after months of weakness, demand in Q3 is seeing bullish signs. The price of ETC has reached the $21 mark, marking a significant change from December 2024's downtrend. The price increase is also associated with improved macroeconomic conditions, boosting investor confidence in crypto markets.
Technical Indicators Point to Upside
Current data indicate that the ETC price is trading above the 200-day EMA, which is a bullish signal. Short-term moving averages such as the 20-day and 50-day EMAs also confirm positive shifts. Momentum indicators like MACD and AO suggest a continuation rally might be possible.
Derivatives Market Adds to Optimism
The derivatives market also reflects bullish sentiment. According to Coinglass, the long/short position ratio on Binance is currently at 2.8425, reflecting trader optimism. Additionally, open interest has increased by 31%, and derivatives volume has surged by over 360%, indicating traders are positioning aggressively for further gains.
The current trends and technical indicators, coupled with the activity in the derivatives market, create a reliable foundation for Ethereum Classic's growth in the near future.