Ethereum Classic (ETC) has gained attention as its price jumped nearly 30% in just a few days. This increase has pushed the price above critical resistance levels, suggesting that the rally may continue.
As of July 19, ETC is trading at approximately $24.97, a 7.87% increase over the last 24 hours. Trading activity has also surged, with volume rising by over 143% to $1.05 billion, according to CoinMarketCap.
This rapid rise has made ETC one of the top gainers of the day, alongside Tezos and Dogecoin, indicating renewed interest in older altcoins.
Why Is ETC Rising?
The broader crypto market has turned more positive lately, thanks to some big policy and regulatory developments. The Altcoin Season Index has jumped 78% over the past month, showing that investors are rotating capital into well-known altcoins with solid track records.
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The GENIUS Act, which President Trump recently signed into law, is seen as a big win for the cryptocurrency industry. Brian Armstrong, CEO of Coinbase, also emphasized that this law is an essential step toward clearer regulations.
Additionally, Bitstamp’s new ETC/USD and ETC/EUR listings have made it easier for retail traders to access ETC, thereby improving its liquidity and boosting demand.
On-Chain Metrics Show Modest but Improving Activity
Looking at the on-chain activity, ETC’s daily active addresses remain modest compared to 2021 levels, fluctuating between 20,000 and 30,000 unique addresses per day. This suggests that while speculative trading is strong, actual network usage remains limited.
In the DeFi sector, the Total Value Locked (TVL) on Ethereum Classic currently stands at $486,203, with top protocols such as HebeSwap and ETCMC DEX experiencing double-digit growth in TVL over the past seven days.
At present, Ethereum Classic’s recent surge is driven primarily by a technical breakout, derivatives positioning, and improving market sentiment, rather than strong organic growth in network usage.
Derivatives Market Confirms Speculative Appetite
Data from Coinglass reveals a significant uptick in derivatives activity, with ETC’s open interest climbing to $316.94 million, a 29.5% increase in 24 hours.
The long/short ratio on Binance stands at 1.99, indicating bullish positioning. However, with funding rates turning slightly positive, the market could see some forced liquidations if the token corrects sharply.
The funding rate for open interest (OI) remains at a safe level, suggesting that the market rally isn’t yet too hot. However, traders should keep an eye out for sudden increases in open interest, as these often lead to more volatility.
Ethereum Classic Price Outlook
Ethereum Classic (ETC) is currently trading for $24.97, which is 85% lower than its all-time high of $176.16 recorded in May 2021. The next considerable resistance is at $27.50. If it breaks above that, it could move towards $35–$40, a range last seen in early 2023.
In the best-case scenario, some analysts, like Javon Marks, predict a long-term target of $127.65. This would mean a 540% gain from the current price. However, reaching this target requires ongoing growth in the network and more activity in the altcoin market.
In the short term, we may see a slight drop or a steady price movement, as the market is currently overbought. In the medium term, Ethereum Classic (ETC) could reach $27.50 to $30 if trading momentum and interest in altcoins continue to grow.
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