Halving May Support ETC
Ethereum Classic (ETC) experienced a 2.0% decline to $27.24 this week, albeit without any significant underlying catalyst. The token briefly reached $28.96 on Monday before retracing.
Throughout the week, ETC tested both the resistance and support levels of the established uptrend dating back to October 20, 2023. Both levels demonstrated resilience, effectively maintaining prices within the confines of the ascending channel. However, the resistance level appears somewhat weaker, hinting at a potential upward movement.
Market sentiment anticipates a bullish trend following the halving event scheduled for May 31. Historically, pre-halving rallies have resulted in a doubling of prices. Consequently, there is optimism that ETC may surpass the $30.00 resistance level post-halving. A target of $35 per token, representing a 57% increase, appears feasible under these circumstances.
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