Ethereum Classic (ETC) may follow the same pattern as Bitcoin Cash (BCH) did in 2023. According to crypto analyst @hbj_trades, ETC could rally toward $55 if it breaks and holds above the $25 weekly resistance level. The analyst said ETC has both legacy value and Ethereum beta exposure. His chart shows a long-term structure where ETC is approaching a breakout zone.
On July 18, ETC price rose more than 22% to reach $24.54. Trading volume increased by 196.75% to $672.74 million, showing strong interest at the resistance level.
Is Ethereum Classic Repeating Bitcoin Cash’s Explosive 2023 Pattern?
Another analyst, @dyslexboy, compared ETC’s structure to BCH’s 2023 rally. BCH traded sideways for several months before breaking resistance near $100. Once that level flipped, the token rallied more than 7x in under two months.
He described ETC as “Ethereum’s forgotten sibling” and said its chart now resembles BCH’s breakout setup. Both tokens followed long periods of consolidation before attempting to reclaim key levels.
ETC’s weekly chart shows a similar pattern. The $25 level has not been reclaimed since March 2024. The current move toward this level is a potential breakout trigger.
RSI, Volume, and Funding Rates Support the Setup
ETC’s daily Relative Strength Index (RSI) reached 85.04, which is considered overbought. Weekly RSI is above 60 and still rising. High RSI levels often appear before breakouts when combined with strong volume, as seen with BCH in 2023.
Derivatives data supports the bullish trend. ETC’s funding rate turned positive at $20.27, with a reading of 0.0093%. This suggests that more traders are betting on upside through long positions.
The price area between $28 and $30 remains a key resistance zone. ETC has failed to hold above this range multiple times between 2022 and 2023. Any move above this level would need to be backed by volume to confirm continuation.
ETH Surge Triggers Rotation — ETC Rises as Beta Play
Ethereum (ETH) has rallied more than 20% over the past week. It now trades at $3,598 with a daily RSI of 85.33. ETC, which originated from Ethereum’s 2016 fork, often follows ETH during bull trends.
ETC is known to act as a high-beta altcoin. This means it can react more strongly to Ethereum’s moves. The current ETH breakout has led some traders to rotate into related assets like ETC.
This ETH-ETC relationship has played out in past market cycles. When ETH moves sharply, ETC often follows with higher volatility.
ETC last traded between $38 and $55 in early 2022. It reached its all-time high near $176 in May 2021. A move from $24.54 to $55 would represent a 124% gain.
The $55 target lines up with past support zones that became resistance during the 2022 market decline. The $38 level also acted as a key reversal point in previous rallies.
@hbj_trades’s projection is based on reclaiming $25 with strength. Without a confirmed breakout above $30, the upside remains unconfirmed.