Ethereum Classic price has made a bullish break-out as cryptocurrencies rally.&
It jumped after the latest American inflation data showed that prices were falling.&
Some investors believe that Ethereum investors will transition to Ethereum Classic after the Shapella upgrade.&
Ethereum Classic (ETC) price continued rising on Thursday as the recent cryptocurrency rally regained steam. The coin jumped to a high of $22.47, the highest level since March 18 of this year. The coin has jumped by more than 53% from the lowest level this year.&
Ethereum Shapella upgrade&
There are three main catalysts moving the ETC price this week. First, there is the ongoing Bitcoin price rally that we wrote about& here.& This rally saw the coin jump above the important resistance level at $30,000 for the first time since June last year. It has now jumped by more than 80% this year, making it a better performer than Tesla, stocks, and gold. Cryptocurrencies like Ethereum Classic tends to have a close correlation with Bitcoin.&
Second, Ethereum Classic price reacted to the latest American consumer inflation data published on Wednesday. The data showed that the headline consumer price index (CPI) dropped to 5.0% in March, the lowest level since 2021. Core inflation also dropped on a month-on-mom basis. Therefore, there is a likelihood that the Federal Reserve will start pivoting soon. This pivot will involve pausing rate increases and leaving them unchanged for a while.&
Finally, Ethereum Classic reacted to Wednesday’s& Shapella upgrade of Ethereum. That upgrade activation made it possible for& Ethereum stakers to be able to withdraw their tokens. Data by Staking Rewards shows that the volume of staked Ethereum stands at over $37 billion.&
The move was seen as being positive for Ethereum Classic because of its controversy and regulatory concerns. The Securities and Exchange Commission has hinted 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 the pre-merge Ethereum. However, in reality, it is unclear whether this transition will happen.&
Ethereum Classic price analysis&
The daily chart shows that the ETC price has been in a strong bullish trend in the past few weeks. And this week, the coin managed to move above the important resistance level at $21.35, where it struggled to move above earlier this month.&
The coin has also jumped above the 25-day and 50-day moving averages while oscillators have continued rising. Therefore, there is a likelihood that the coin will continue rising as buyers target the next key resistance level at $24.92, which is about 12% above the current level.&
How to buy Ethereum Classic&
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The post Here’s why Ethereum Classic (ETC) price could jump by at least 12% appeared first on CoinJournal.
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