CandleFocus Analyst Predicts Major Bull Run for Ethereum Classic in 2024
2024-11-08
Author: Content Editor
Prominent cryptocurrency analyst, Alan Santana, has pointed out Ethereum Classic's long accumulation phase, which has kept the price range for ETC alive since January 2022. Santana suggests that the lengthy accumulation period indicates a stronger bullish cycle and significant upward potential. Comparing it to past cycles, Santana highlights that ETC's previous accumulation phase lasted 805 days and resulted in a 5,700% increase. With the current accumulation phase already lasting 1,522 days, Santana projects potential growth of up to 3,500% from the June 2022 bottom. Despite smaller projects potentially experiencing more significant expansion, Santana believes Ethereum Classic is in a good position to surprise the market due to a friendly market and regulatory environment for cryptocurrencies. ETC is currently trading at around $20.09 and has gained 9.43% over the last 7 days, increasing its market cap to approximately $3 billion. The Ethereum Foundation has also recently launched the Mekong Testnet, which serves as a platform for developers and stakers to prepare for the Pectra fork update.
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