Ethereum Classic (ETC) up 22% in a week, could reach $20.

Over the past week, Ethereum Classic (ETC) has seen significant gains, with a seven-day price increase of over 22%. This bullish activity has pushed the token’s price from $15.79 to $18.74 at press time. Bullish signals suggest that Ethereum Classic may continue to rally, especially as the global market cap rallies and propels Bitcoin towards the $31,000 mark. It is possible that the token may reach the $20 mark in the coming days.

Ethereum Classic’s Price Swings

Ethereum Classic (ETC) was launched in July 2016 as a hard fork of Ethereum, with a focus on supporting decentralized applications (DApps). The main aim of the launch was to preserve the originality of the Ethereum blockchain. In June, ETC’s price retraced from its key support level of $18.25, causing severe losses for the token. However, ETC recovered momentum after several days of bearish movement, benefiting from the buzz generated by multiple Bitcoin ETF filings by leading US-based asset managers.

As of the time of writing, ETC trades at $18.74, with a 24-hour price increase of 2.52% and a 22.89% seven-day growth in value. The market slightly rebounded today after a brief correction in the last 24 hours, and the token shows bullish signs.

Can Ethereum Classic Bulls Defend The Ongoing Rally?

Buyers took charge of the market between June 23 and 24, pushing the trading volume from $151.66 million to over $500 million on June 24. Another uptick in trading volume is noticeable, with a 43.29% increase in the last 24 hours. This suggests that the bulls are determined to claim the $20 level and could achieve the target if the uptick in trading volume continues.

Ethereum Classic’s key support level currently stands at $18.42 on its TradingView daily chart, and the bulls are working with the $19.44 resistance level in mind. If the bulls successfully push the token off the $19.44 resistance, the ETC price may shoot above $20.

The cryptocurrency market outlook shows recovery signs as most coins trade in the green zone. However, the overall market outlook suggests a mixed investor reaction since some coin prices are still red. Bitcoin has increased by 0.91% in 24 hours with a 14.20% seven-day gain, while Ethereum still fluctuates between the red and green zones. If the market sentiment becomes fully bullish, chances are high that ETC would sustain its rally.