- Retail interest is also increasing in Ethereum Classic as social volume metrics reached their highest levels since May 2024, highlighting growing discussions in the market.
- The $35 level remains a psychological and technical barrier for ETC, with a decisive breach potentially unlocking further upside.
Ethereum Classic price turned heads again as it strengthened, gaining over 10% in the past day. It thus approached the critical zone of 35 dollars. Which raises concerns about whether it will be exceeded or retreated. However, ETC price saw a significant retracement after the rise. Nevertheless, the technical data seems optimistic.
Ethereum Classic Whale Activity and Market Sentiment
ETC’s recent rally follows a significant rebound from its $25 support level, marking a rally of over 23%. However, the crypto is now trading around $27, showing a significant pullback. Nonetheless, last day’s surge highlights the bulls’ reaffirmation of dominance after a brief correction, establishing $25 as a crucial support level.
ETC’s ability to defend this area despite today’s decline has reinforced its current upward trajectory, setting the stage for further gains, CNF reported. Blockchain analytics show significant behavioral changes in whales, which is a significant driver of this rally.
Data on Santiment indicates a sharp increase in stablecoin holdings among addresses holding more than $5 million. This demonstrates a renewed interest from major investors. This is an accumulation trend that often shows whales strategically positioning themselves ahead of longer-lasting ETC price growth.
Retail interest in ETC is also gaining momentum, following social volume metrics that reached their highest levels since May 2024, indicating an increase in discussion around the asset. Throughout history, increased social activity has served as a precursor to future price action, and the ETC appears to be following this script.
Key Resistance Areas and Price Levels for ETC
As Ethereum Classic price approaches the $35 resistance level, which is also the psychological limit, it will become a tough test for the asset. A decisive break above this barrier will unlock further upside potential. This could lead to the addition of more buy orders to create a path for ETC prices to challenge higher resistance zones.
Market indicators pointing to increasing open interest across exchanges will continue to support further gains. However, whether the trend continues depends on the overall scenario and continued interest from institutional investors.
Ethereum Classic’s recent rally shows that investor confidence has resurfaced of late, with strong support levels, whale accumulation, and growing retail interest. Nonetheless, at this point, the $35 resistance remains critical. Due to the latest downtrend, it does not seem very likely that ETC will reach spot rates within a few days.
