Ethereum Classic Price: Explaining the 90 Percent Price Rally

Ethereum Classic price has surged by more than 90 per cent in the past few weeks. The rally has seen the cryptocurrency enter a strong bullish move that is likely to spell the end of the previous long-term bearish move. However, the current bullish move also comes with no recent significant fundamental factors to attribute to the current push. 

Ethereum Classic Price Prediction

The Ethereum Classic prices have been on the rise for the past six consecutive days. In today’s trading session, the prices have risen by almost 4 per cent. The prices are also currently trading at $47. Since Match 14, 2022, the prices have also increased by more than 90 per cent. This is a sign that Ethereum Classic may be in a huge bullish move that is likely to continue in the next few days.

In both indicators, they have formed patterns that are only observed in a strong bullish market. For instance, the Williams Alligator shows widened alligator lines, with the lips of the alligator being very close to the candlestick. This is a sign that the Williams Alligator indicator is reading a strong bullish move. The RSI indicator is also showing a strong reading of over 80 per cent. When the reading is above 70 per cent, it signifies a strong bullish market, hence the current bullish reading.

For my Ethereum Classic price prediction, I expect the current bullish trend to continue. I also expect the prices to hit the $65 resistance level in the coming days. Due to the current bullish volatility in the market and the fact that the crypto is bouncing from a support level. The expectation is also based on the analysis of the two indicators, Williams alligator and RSI, which shows we are at the onset of a big bullish move.

Ethereum Classic Daily Chart