One of the several cryptocurrencies that increased on Tuesday was Ethereum Classic. Following the upward trend of various altcoins on Tuesday, the cryptocurrency market increased by almost $43 billion. The asset succeeded in invalidating a number of crucial suppressions while erecting a barrier for itself, pushing ETC's limitations.
In just 24 hours, the price of the ethereum token increased by 9.26%, making it one of the day's best performers along with coins like Cardano. ETC was prevented from dropping below its crucial support line at $22.72 by this boost, which raised the price to $24.76. Despite excursions below it in the months of May and July, the support line has been tested numerous times in the past.
The price gain also caused Ethereum Classic to cross a downtrend line that had been in place for 14 months. Because of October's fall, this downtrend line, which had been serving as a support line to create higher lows, is now being retested.
The return of buying pressure on Ethereum Classic is contributing to this rise, along with other bullish market cues. According to the Relative Strength Index, ETC was under such intense selling pressure until last week that the asset became oversold. The indicator's recovery indicates that the market is bullish.
Along with the price increase, ETC is seeing a decrease in market volatility. The lack of price increases in recent months has left investors with little choice but to HODL. Thus, volatility has fallen to its lowest level in nearly 23 months since November 2020, making price swings the asset's least concerning for the time being.
