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Ethereum Classic Price Makes Bullish Break-Out as Cryptocurrencies Rally.
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It jumped after the latest US inflation data showed that prices were falling.
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Some investors believe that Ethereum investors will convert to Ethereum Classic after the Shepela upgrade.
ethereum classic (ETC) price continued to rise on Thursday as the cryptocurrency’s recent rally regained steam. The coin rose to a high of $22.47, its highest level since March 18 of this year. The coin has jumped over 53% from this year’s low.
ethereum shepela upgrade
There are three main catalysts driving the price of ETC this week. First, there’s the ongoing bitcoin price rally we wrote about Here, This rally saw the coin soar above the crucial resistance level of $30,000 for the first time since June last year. It has now jumped more than 80% this year, making it a better performer than Tesla, stocks and gold. Cryptocurrencies such as Ethereum Classic have a close relationship with Bitcoin.
Second, Ethereum Classic price reacted to the latest US consumer inflation data published on Wednesday. The data showed that the headline Consumer Price Index (CPI) fell to 5.0% in March, the lowest level since 2021. Core inflation also eased month-on-month. Therefore, there is a possibility that the Federal Reserve will start to pivot soon. This pivot would involve increasing the stalled rates and leaving them unchanged for a while.
Finally, Ethereum Classic Responds on Wednesday Ethereum’s Shepela Upgrade, that upgrade activation made it possible Ethereum Stackers to be able to withdraw their tokens. Data from Staking Rewards shows that the amount of Ethereum staked is over $37 billion.
The move was seen as positive for Ethereum Classic due to the controversy and regulatory concerns. The Securities and Exchange Commission has indicated that it views all tokens with a staking element as securities. Therefore, analysts believe that many investors will now move to Ethereum Classic, which is the equivalent of pre-merge Ethereum. However, in reality, it is not clear whether this transition will take place or not.
ethereum classic price analysis
The daily chart shows that the price of ETC has been in a strong bullish trend over the past few weeks. And this week, the coin managed to move above the crucial resistance level of $21.35, where it struggled to move higher earlier this month.
The coin has also bounced above the 25-day and 50-day moving averages, while the oscillators continue to rise. Therefore, there is a possibility that the coin will continue to rise as buyers target the next key resistance level at $24.92, which is about 12% upside from the current level.
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