- Ethereum Classic is nearing a major breakout after years of accumulation.
- Analysts see a $118 target if ETC breaks the $44 resistance level.
- Previous trends suggest a potential 4x rally in Ethereum Classic’s price.
Ethereum Classic has been trading within a well-defined range for years, and according to the latest analysis by renowned trader and analyst CryptoBullet, a breakout could be imminent. The weekly chart highlights a prolonged buildup phase and a hurdle level, with a potential price target of $118, a staggering 4x increase from the current levels around $28.58.
The chart, shared by CryptoBullet on January 7, 2025, showcases ETC’s historical performance and the meticulous formation of key technical zones. From 2019 to the present, ETC has oscillated between an accumulation zone (roughly $3.50 to $18) and a resistance band ($40-$44). The resistance area, repeatedly tested since mid-2021, has remained a formidable barrier.
Accumulation Zone and Historical Context
The accumulation zone highlighted on the chart spans several years, indicating strong buyer interest at lower levels. This phase began in 2019 and lasted through early 2021, with ETC prices ranging between $3.50 and $18.
During this period, long-term holders and institutions likely accumulated ETC in anticipation of a future breakout. This prolonged sideways movement has historically served as a precursor to significant price rallies, as observed in the cryptocurrency markets.
In mid-2021, Ethereum Classic experienced a dramatic rally, pushing prices above $180. While this was a short-lived spike, it provided a glimpse into ETC’s potential when key resistance levels are breached. The subsequent price action saw ETC retracing into its previous accumulation zone, where it has remained relatively stable until recently.
Resistance Zone and Current Setup
The resistance zone between $40 and $44 has been a critical area for ETC. Since 2021, the asset has attempted multiple breakouts, all of which have been rejected at this level. However, CryptoBullet’s chart suggests that these repeated tests may be weakening the resistance, setting the stage for a breakout.
The analyst emphasizes the importance of volume and momentum, noting that ETC has displayed early signs of strength as it approaches the resistance zone once again.
ETC’s current price of $28.58 (as of January 7, 2025) represents a 1.62% increase from the previous session, indicating growing bullish sentiment. If the asset can decisively break above the $44 resistance, CryptoBullet predicts a parabolic rally with a conservative price target of $118. This target is derived from historical Fibonacci extensions and previous price behavior, providing a data-backed projection.
A Look Ahead: Could ETC Hit $118?
While a $118 target may seem ambitious, it aligns with ETC’s volatility and the general trend of the market. The potential selloff could be fueled by factors such as increased adoption of Ethereum Classic’s blockchain, improved network fundamentals, and the general bullish sentiment across the cryptocurrency market. However, traders should exercise caution, as false breakouts and price corrections are always possible.
As one commenter aptly remarked on CryptoBullet’s post, “Your charting is pure art, bro. Clean AF!” The simplicity and clarity of the analysis resonate with market participants. Another follower humorously noted, “Safe to say we have only 4–5x power left on most alts?” CryptoBullet’s response, “Yeah, something like that,” underscores the analyst’s confidence in the forecast.
DISCLAIMER: The information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.
