Can Ethereum Classic’s Golden Cross take ETC’s price to $40?
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- ETC hit its highest price in over six months.
- It has continued to trend upward after hitting a critical price level.
Ethereum Classic [ETC] is gaining attention after achieving a “Golden Cross,” a widely recognized bullish technical indicator. This milestone is often seen as a precursor to strong upward momentum.
With ETC’s price momentum heating up, traders and analysts alike are debating whether this marks the start of a sustained rally or a temporary peak before a pullback.
Examining the Golden Cross and technical indicators
Ethereum Classic’s price surged to $33.20, at the time of writing, supported by growing bullish sentiment. The chart reflected strong momentum, as seen in the Bollinger Bands, which indicated expanding volatility to the upside.
Meanwhile, the RSI stood at 70.45, signaling that the asset may enter the overbought territory. A cooling-off phase could occur unless buying pressure sustains the rally.
Source: TradingView
The MACD showed a consistent upward trajectory, with the histogram maintaining green bars, indicating continued bullish momentum.
However, the MACD’s position near its peak suggested that traders should watch for weakening momentum in the near term.
Social sentiment and network activity
A sharp increase in Ethereum Classic’s social volume highlights a growing interest in the asset. Santiment’s analysis shows a spike in ETC’s social volume in November. Despite a recent slight decline, it remains higher than in other months.
Historically, spikes in social chatter correlate with increased trading activity. The current trend points to a strong interest from both retail and institutional investors.
Source: Santiment
On-chain metrics reveal more details. Recent spikes in transaction volume and active addresses indicate increased network participation, supporting the idea that fundamental activity is driving the rally.
However, sustaining these levels will be crucial for ETC’s long-term growth prospects.
Will ETC’s rally last or fade?
While the Golden Cross is a bullish signal, caution is warranted. The combination of an overbought RSI and approaching critical resistance levels ($35–$37) could lead to profit-taking. If ETC fails to break above this range, a pullback to the $28–$30 level is plausible.
On the other hand, if ETC maintains its momentum, its next target is $40, a significant psychological milestone. Achieving this will require consistent buying volume and further on-chain support.
Additionally, Ethereum [ETH], closely related to ETC, has not yet achieved a Golden Cross. This adds an intriguing competitive edge to ETC’s case. However, ETH has remained more valuable and has shown a stronger trend recently.
– Realistic or not, here’s ETC market cap in BTC’s terms
Ethereum Classic’s Golden Cross paints a bullish picture, but indicators reveal a complex scenario. While the asset has strong upward potential, signs of possible consolidation or a minor retracement should not be ignored.
