Ethereum Classic Price Eyes $28 After 37% Weekly Rally, What’s Next?
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Ethereum Classic price notched a double-digit gain of +11.12% in 24 hours and an impressive +37.95% in 7 days, pushing its price to $25.19. This strong surge follows a key breakout above the $21.48 resistance level. And a renewed wave of optimism across the crypto market, sparked by the recent passage of the GENIUS Act, which has lifted investor sentiment.
Backed by surging trading volume of $1.08 billion, which is up 230% in 24 hours, and a bullish technical structure, ETC could test the $26–$28 resistance zone, a level uncharted since early March. Curious about the Ethereum Classic price? Join me as I elaborate on the same.
Rising Open Interest Signals Renewed Conviction?
Data from Coinglass reveals a sharp increase in ETC Futures Open Interest, which now stands at around $250 million, its highest level since November. Historically, spikes in open interest that coincide with rising prices indicate an influx of capital and an increase in leveraged long positions.
It is worth noting that similar surges in open interest in March and November 2024 preceded strong bullish moves, and current levels mirror that setup. This link between technical price action and on-chain futures data suggests that the current rally is driven by conviction rather than mere short-term speculation.
ETC Price Analysis:
The 4-hour chart shows a clear breakout above the long-standing $21.48 resistance, which has now turned into support. ETC touched a 24-hour high of $25.68, and the RSI is hovering around 77, signaling overbought conditions, but not yet diverging.
Price remains above the middle Bollinger Band and 20-EMA, both of which are sloping upward. That being said, if bulls maintain momentum and volume sustain, ETC could challenge the next resistance zone between $26 and $28.16. However, any dip toward the $22–$23 range could present a buying opportunity.
FAQs
The breakout above $21.48, coupled with rising open interest and the GENIUS Act boost, drove momentum.
Yes, RSI is around 77, suggesting overbought conditions, but momentum remains strong for now.
For ETC price, support lies at $22. Resistance stands at $26–$28. A breakout above $28.16 could open up further upside.