Ethereum Classic price rises by 9% in 24 hours after breaking a two-year record

Ethereum Classic price rises by 9% in 24 hours after breaking a two-year record

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  • Ethereum Classic, in effect with the rest of the crypto market, noted a sharp increase in its price.
  • The buying pressure on ETC built over the week was caused due to excessive selling throughout August.
  • The volatility of the asset fell to its lowest point in almost 23 months, making ETC less prone to price swings.

Ethereum Classic was one of the many cryptocurrencies that rose on Tuesday. The crypto market added over $43 billion on Tuesday following the uptrend of many altcoins. This pushed ETC’s boundaries as the asset managed to invalidate multiple critical suppressions while creating a barrier for itself.

Ethereum Classic on a hike

The Ethereum namesake token marked a 9.26% incline in the span of just 24 hours, becoming one of the top performers of the day, along with the likes of Cardano. This increase brought the price to $24.76, saving ETC from falling below its critical support line at $22.72. The support line has been tested multiple times in the past despite deviations below it around May and July.

The increase in price also pushed Ethereum Classic through the 14-month-long downtrend line. This downtrend line had been acting like a support line establishing higher lows, however, October’s slip brought it back below and is being retested.

TradingView ChartETC/USD 1-day chart

Part of this rise, along with broader market bullish cues, is the return of buying pressure on Ethereum Classic. The Relative Strength Index (RSI) shows that up until last week, ETC was bearing such a high selling pressure the asset ended up being oversold. The recovery of the indicator is evidence of bullishness in the market.

No more wild fluctuations

Along with this price rise, ETC is also observing decreasing volatility in the market. The lack of price increase in the last couple of months has left investors with minimal choice but to HODL. Thus, volatility has slipped to its lowest point in almost 23 months since November 2020, making price swings the asset’s least concern for now.

Ethereum Classic volatility

If this lack of volatility helps ETC maintain its bullish sentiment and continue the uptrend, there are chances that the altcoin could recover soon.

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