Ethereum Classic (ETC) has surged by over 10% in the past 24 hours, reigniting interest among traders and investors alike. This sudden spike in price has not only positioned ETC as one of the top performers in the altcoin market but also raised the question: Is $35 the next major milestone for this cryptocurrency?

A 10% Surge and What It Means for Ethereum Classic

Ethereum Classic’s recent rally has placed the asset at the forefront of cryptocurrency discussions. After correcting to the $25 support level, the altcoin has surged by more than 23%, now trading around $31 as of the latest data. This impressive move has fueled discussions about its future potential, particularly its ability to break past the psychological resistance level of $35.

Ethereum Classic’s upward momentum has been attributed to a combination of factors, including whale accumulation, a breakout from key price levels, and an uptick in social engagement surrounding the coin. These indicators suggest that the altcoin could be on the brink of a further rally, with $35 emerging as the next significant resistance level to watch.

Whale Accumulation Signals Bullish Sentiment

A key factor driving Ethereum Classic’s recent price surge is the renewed interest from large investors or “whales.” According to data from Santiment, whale behavior has shifted in favor of ETC, with large holders accumulating more of the coin in recent days. Specifically, the percentage of the stablecoin total supply held by whales with more than $5 million in assets has increased significantly over the last 24 hours.

This type of accumulation often precedes significant price movements, as these larger market players position themselves for potential gains. Historically, when whales show interest in a particular asset, it can signal that the asset is poised for upward price movement, making Ethereum Classic’s rally all the more intriguing.

Social Buzz Fuels the Rally

Another important metric driving Ethereum Classic’s price is the surge in social media activity and online discussions. In fact, ETC’s social volumes have reached their highest levels since May 2024, suggesting that retail interest in the cryptocurrency is growing. This increase in social engagement is often an early sign that a cryptocurrency is gaining momentum and could see significant price action in the near future.

For Ethereum Classic, this uptick in social volume may precede a larger rally, as retail traders typically play a significant role in driving short-term price movements. As more people become aware of ETC’s potential, it is likely that buying pressure will continue to build.

The $35 Resistance: A Key Milestone

Looking ahead, Ethereum Classic faces a critical resistance level at $35. This price point is not just a technical barrier but also a psychological one. If ETC can successfully break above $35, it could trigger a cascade of buy orders, propelling the price to even higher levels. Traders and analysts are closely watching this level, as a breach could signal a more sustained bull run for the altcoin.

Moreover, the market structure for Ethereum Classic remains supportive of further price gains. Data from Santiment indicates an increase in open interest and positive momentum in ETC’s market, suggesting that traders are confident in the asset’s potential. While broader market conditions and institutional interest will play a role in determining the future trajectory of Ethereum Classic, the current setup appears favorable for continued upward movement.

What Lies Ahead for Ethereum Classic?

Looking to the near future, Ethereum Classic’s ability to break through the $35 resistance level will be a key test for the altcoin. If the cryptocurrency manages to hold above this threshold, it could see a rapid ascent toward higher price levels, potentially testing new resistance points. However, traders and investors will also need to remain cautious, as the broader cryptocurrency market is known for its volatility, and external factors could influence the price of Ethereum Classic.

For now, Ethereum Classic appears to be on an exciting path, driven by whale accumulation, social engagement, and solid technical support. While the $35 level remains the immediate target, many are speculating that further gains are possible if the bullish trend continues.

Conclusion

Ethereum Classic’s recent 10% surge in 24 hours has positioned the cryptocurrency as a strong contender in the altcoin market. With whale accumulation, growing social buzz, and a favorable market structure, ETC appears poised for further gains. The $35 resistance level is the next key milestone, and if Ethereum Classic can push beyond this point, a more substantial rally may be on the horizon. Investors and traders will be watching closely to see if the altcoin can maintain its upward momentum and continue its impressive rise.