Today, in the daily time frame, Ethereum Classic (ETC) has surged by approximately 14%, breaking out of its downtrend by surpassing the critical resistance level at $21. This breakout signals a positive momentum for ETC in the short term, leading traders and investors to anticipate higher levels as technical indicators align with a bullish narrative, supported by derivatives data.
ETC Price Breaks Key Resistance Today
After months of weakness, Q3 has shown bullish demand with ETC price decisively crossing the $21 mark, marking a significant reversal from the downtrend observed in December 2024. This surge coincides with optimistic macroeconomic conditions and increased investor confidence in crypto markets, sparking renewed interest in Ethereum Classic.
Following the breakout, ETC price chart demonstrates sustained strength near July’s high, with $26 emerging as the immediate level to monitor. Consequently, from a technical standpoint, achieving solid support above $26 could propel ETC price towards short-term targets at $28, $34, and $41.
Technical Indicators Point to Upside in ETC Price
On the latest daily chart, ETC price in USD is trading above the 200-day EMA band, indicating bullish sentiment as long-term buyers reenter the market. Additionally, short-term moving averages like the 20-day and 50-day EMAs confirm a positive shift.
Momentum indicators such as MACD and AO histograms are trending upward, signaling a potential continuation rally. Likewise, the CMF has surged above the zero line to 0.07, indicating capital inflows supporting the bullish push. The RSI at 58, comfortably placed in the high momentum zone, suggests further room for growth.
Overall, these indicators reinforce the strength of the current rally, supporting the short-term Ethereum Classic price forecast.
Derivatives Market Boosts ETC Price Sentiment
Further strengthening the bullish outlook, the derivatives market reflects a strong conviction with a significant “top trader long/short ratio on Binance” of 2.8425, indicating overwhelming optimism. Open interest has surged by 31% to $282.27 million, while derivatives volume has skyrocketed by over 360% to $1.30 billion.
This indicates that leveraged traders are positioning aggressively for sustained gains, aligning with the breakout observed in the ETC/USD chart.
