Can Ethereum Classic’s Golden Cross take ETC’s price to $40?
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 indicatorsEthereum 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.
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.
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.
