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Ethereum Classic ($ETC) was bullish intraday, it gained over 5%, exchanging hands at $24.76. Positive ETF news is set to propel Ethereum and its closely related coins, such as Ethereum Classic ($ETC).
The U.S. SEC has waved the green flag for $ETH spot ETFs. The ETFs are set to begin trading on the morning of July 24. Bloomberg senior ETF analyst @Eric Balchunas shared the news of the regulator’s approval on X.
It’s official: Spot Eth ETFs have been made effective by the SEC. The 424(b) forms are rolling in now, the last step = all systems go for tomorrow’s 930am launch. Game on. pic.twitter.com/9MaBDBA8co
— Eric Balchunas (@EricBalchunas) July 22, 2024
For the curious, it was a fork of $ETH, a blockchain that emerged from a split with Ethereum in 2016.
Its market cap has surged more than 5% to $3.665 Billion. Its trading volume jumped exponentially by more than 208% to $533.65 Million, signaling significant buying activity.
The volume-to-market cap ratio, followed by 24-hour activity, indicated high liquidity in the $ETCmarket, with a ratio of 14.26%. Based on the market cap, it is ranked 26th among the top 100 on CoinMarketCap.
Meanwhile, market sentiments pointed to 71 (greed) per the Crypto Fear & Greed index. This bullish sentiment looked geared for the spectacular surge in Ethereum’s price and the Ethereum branded assets.
Ethereum Classic On-Chain Overview
Per the 2miners website, the number of miners online has been 5008, with the network difficulty at 2.37P. Meanwhile, the block reward has been at 2.048 $ETC, where the mining block count reached 20343711.
The mean rate at which miners have been solving hashes has risen, reaching 172.57. Meanwhile, all fees paid to miners have reached $43.3, and miner revenue has surged to $307K.
Also, the socials have enormous followings, as Reddit has 66.52K Million subs, and X has 17.80K Million followers.
Tokenomics: 148.03 million $ETC (70.26%) of the total supply of 210.7 million $ETC have been in circulation. In contrast, the fully diluted value is $5.194 Billion.
Based on these stats, the $ETC holders data indicated that the top 100 hold 52.88% of the circulation. On the other hand, the total number of holders stands at 2.445 million.
Ethereum Classic ($ETC) Price Structure on Daily and Weekly Overview
Over the weekly chart, most of the price structure was in the broad range of $12-$46. Except in 2021, when the price structure peaked out of this range, an ATH was registered at $175.
Overall, 70% of the price formation was below this range, and 30% was out of the range.
As per the TradingView ($ETC/USD-COINBASE), the price has traded nearly 85% down as of writing. Based on the recent surrounding spot Ether ETFs will trade soon. The Ethereum branded assets, like $ETC, could skyrocket. Thus, the probability appears higher that it could break out of the range.
Over the daily chart, the price resonated with $BTC’s bullish effect on the broader market. After the deterioration ended, $ETC sustained on the same day as $BTC (July 5th). In the last 18 days, the price grew over 30%.
$ETC has breached the 50-day EMA band and has been approaching the 200-day EMA. Meanwhile, the MACD formed a bullish cross with a histogram at 0.39, and RSI flashed at 58.33.
Therefore, the resistance levels on the daily time frame are $28.52 and $34.28. Failure to ascend will give the seat to bears, and they could eye for $21.90 and $18.45 support levels.
$ETC surged 5% on news of $ETH ETF approval, and trading volume spiked. Market cap reached $3.6 Billion, reflecting bullish momentum. Technical indicators indicate potential for further gains, but resistance levels loom.