Here’s why Ethereum Classic (ETC) price could jump by at least 12%

Home » Here’s why Ethereum Classic (ETC) price could jump by at least 12%


  • Ethereum Classic price has made a bullish break-out as cryptocurrencies rally. 

  • It jumped after the latest American inflation data showed that prices were falling. 

  • Some investors believe that Ethereum investors will transition to Ethereum Classic after the Shapella upgrade. 

Ethereum Classic (ETC) price continued rising on Thursday as the recent cryptocurrency rally regained steam. The coin jumped to a high of $22.47, the highest level since March 18 of this year. The coin has jumped by more than 53% from the lowest level this year. 

Ethereum Shapella upgrade 

There are three main catalysts moving the ETC price this week. First, there is the ongoing Bitcoin price rally that we wrote about hereThis rally saw the coin jump above the important resistance level at $30,000 for the first time since June last year. It has now jumped by more than 80% this year, making it a better performer than Tesla, stocks, and gold. Cryptocurrencies like Ethereum Classic tends to have a close correlation with Bitcoin. 

Second, Ethereum Classic price reacted to the latest American consumer inflation data published on Wednesday. The data showed that the headline consumer price index (CPI) dropped to 5.0% in March, the lowest level since 2021. Core inflation also dropped on a month-on-mom basis. Therefore, there is a likelihood that the Federal Reserve will start pivoting soon. This pivot will involve pausing rate increases and leaving them unchanged for a while. 

Finally, Ethereum Classic reacted to Wednesday’s Shapella upgrade of Ethereum. That upgrade activation made it possible for Ethereum stakers to be able to withdraw their tokens. Data by Staking Rewards shows that the volume of staked Ethereum stands at over $37 billion. 

The move was seen as being positive for Ethereum Classic because of its controversy and regulatory concerns. The Securities and Exchange Commission has hinted that it views all tokens with a staking element as securities. Therefore, analysts believe that many investors will now move to Ethereum Classic, which is the equivalent of the pre-merge Ethereum. However, in reality, it is unclear whether this transition will happen. 

Ethereum Classic price analysis 

The daily chart shows that the ETC price has been in a strong bullish trend in the past few weeks. And this week, the coin managed to move above the important resistance level at $21.35, where it struggled to move above earlier this month. 

The coin has also jumped above the 25-day and 50-day moving averages while oscillators have continued rising. Therefore, there is a likelihood that the coin will continue rising as buyers target the next key resistance level at $24.92, which is about 12% above the current level. 

How to buy Ethereum Classic 

eToro

eToro is a global social investment brokerage company which offers over 75 cryptocurrencies to invest in.

It offers crypto trading commission-free and users on the platform have the option to manually invest or socially invest.

eToro even has a unique CopyTrader system which allows users to automatically copy the trades of popular investors.


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Binance

Binance is one of the largest cryptocurrency exchanges in the world. It is better suited to more experienced investors and it offers a large number of cryptocurrencies to choose from, at over 600.

Binance is also known for having low trading fees and a multiple of trading options that its users can benefit from, such as; peer-to-peer trading, margin trading and spot trading.


Buy ETC with Binance today



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