Ethereum Classic Price Rises Above $20
Ethereum Classic (ETC) is trading above $20 on Friday. It has broken out of a falling wedge pattern. This move suggests a possible price increase soon. The rise is supported by higher trading volume, more bullish bets, and growing Open Interest (OI). These factors show strong investor interest in ETC.
On-Chain and Derivatives Data Show Bullish Signs
ETC’s trading volume on the blockchain increased from 78.39 million on Saturday to 228.72 million on Friday. This is the highest volume since mid-September, according to Santiment data. Higher volume means more traders are active and liquidity is improving.
On the derivatives side, Futures Open Interest in ETC reached $70.22 million on Friday. It has been rising steadily since early October. Rising OI means more money is entering the market, which can support the price rally.
The long-to-short ratio for ETC futures is 1.04, the highest in over a month, according to CoinGlass. A ratio above one shows more traders expect the price to go up.
ETC Price Forecast: Potential for Further Gains
ETC is breaking above the falling wedge pattern formed since early August. It is trading above $20 and close to the 200-day Exponential Moving Average (EMA) at $20.03. A strong close above this level could push the price toward the next resistance at $21.38.
If ETC rises past $21.38, it may reach the September 13 high of $22.52. The Relative Strength Index (RSI) is at 54, showing growing bullish momentum. The Moving Average Convergence Divergence (MACD) also shows a bullish crossover, supporting the upward trend.
However, if ETC fails to hold above the wedge’s upper trendline, the price could fall back toward the September 25 low of $17.56.
