Ethereum Classic Price Analysis — May 24

Ethereum Classic (ETC) has traded erratically over the past few weeks but appears to be witnessing a turn of events. Despite the recent announcement by China to ban crypto mining, which triggered a massive FUD-induced sell-off over the weekend, the ETC and the rest of the market have regained bullish momentum.

Ethereum Classic slid lower over the past 24 hours as several mining pools halted operations across China. That said, bulls intercepted this downward momentum and reversed it.

The twenty-first-largest cryptocurrency posted a decent leg-up today, resulting in a +$12 in value. This rebound has helped ETC touch the $66 daily high and currently trades near this level.

Meanwhile, other cryptocurrencies followed a similar trajectory over the past 24 hours and weeks. Bitcoin (BTC) rebounded from the $31k area yesterday and now trades close to the $40k mark.

Ethereum (ETH) also has a positive trading session today and is currently trading up at +26%, as it snaps the $2,600 mark. Over the last 24 hours, ETH suffered a massive dump to the $1,730 low.

Binance Coin spiraled to the $210 low yesterday, its lowest point since March, but has since surged to the $345 level.

Additionally, Cardano, Dogecoin, Ripple, Polkadot are all trading with double-digit gains over the past 24 hours with +27%, +22%, 30%, and +36%, respectively.

Key Ethereum Classic Levels to Watch — May 24

Following an impressively bullish session today, which sent the cryptocurrency flying by 27%, Ethereum Classic has finally broken out of the long-lasting descending channel. The cryptocurrency should get adequate bullish support from the $60 support level and the 50 SMA at $55 if a decline ensues from its current level.

That said, we expect to see a slight consolidation over the coming hours below the $70 resistance as more buyers come on board.

Although ETC is not totally out of the bearish woods, market bias is tilting in favor of bulls.

Meanwhile, our resistance levels are $70.00, $80.00, and $94.15, and our support levels are $60.00, $55.00, and $50.00.

Total Market Capitalization: $1.51 trillion

Ethereum Classic Market Capitalization: $6.3 billion

Ethereum Classic Dominance: 0.42%

Market Rank: #21

 

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