Ethereum Classic Market Overview: A 24-Hour Technical Breakdown

• Ethereum Classic broke key resistance around $22.50, reaching $22.92 during the 24-hour window.
• Strong bullish momentum was seen in the midday to early evening hours, with volume spiking at key breakout moments.
• RSI suggests overbought conditions, indicating a potential near-term correction could be in play.
• Volatility expanded significantly in the afternoon, with price fluctuating within wide Bollinger Bands.
• On-balance volume suggests accumulation at key support levels during the overnight session.

Ethereum Classic (ETCUSDT) opened at $21.79 on 2025-08-08 at 12:00 ET and closed at $22.71 on 2025-08-09 at 12:00 ET. The 24-hour range extended from a low of $21.69 to a high of $22.96. Trading volume reached 527,697.46 contracts (ETC), while notional turnover hit $11,424,502 USD, reflecting robust participation during the breakout attempt.

Structure & Formations

ETC posted a sharp reversal off the $22.30–22.40 support zone in the overnight hours, followed by a strong rally into the $22.70–22.90 range. A bullish engulfing pattern formed around $22.50–22.60 on the 15-minute chart, supporting the move higher. A small upper shadow at the $22.70–22.80 level suggests a potential near-term ceiling. Key resistance appears to be consolidating at $22.90–22.95, with $22.35–22.40 as strong support. A doji formed at $22.72, signaling possible indecision.

Moving Averages

On the 15-minute chart, the price closed above the 20-period and 50-period moving averages, both of which are trending upward. This reinforces the short-term bullish momentum. On the daily chart, ETC is above the 50- and 100-day moving averages, with the 200-day line acting as a longer-term floor. The 50/100 crossover remains neutral, suggesting a continuation of the current uptrend.

MACD & RSI

The MACD line showed positive divergence with the price as ETC surged above $22.60, indicating strong momentum. The signal line crossed below the MACD line during the afternoon consolidation phase, hinting at potential short-term pullbacks. The RSI reached 74–76 in the late hours, entering overbought territory and suggesting a possible near-term correction. However, the sustained volume suggests buying pressure may prolong the rally.

Bollinger Bands

Volatility spiked during the breakout, with ETC moving into the upper band of the Bollinger Bands in the late afternoon before retracting. A contraction in the bands had been observed earlier in the morning, which typically precedes a breakout. Price has remained near the upper band for much of the session, indicating high volatility and bullish sentiment.

Volume & Turnover

Volume surged at key turning points, particularly around $22.30, $22.60, and $22.90. The highest volume spike occurred at $22.72–22.73, where the price briefly found resistance. Notional turnover aligned with volume, reinforcing the strength of the move. No significant divergence was observed between price and volume during the 24-hour period, indicating solid conviction in the move higher.

Fibonacci Retracements

Applying Fibonacci to the key swing from $21.69 to $22.96, ETC reached the 61.8% retracement level at $22.58–22.62 before extending higher. This area became a critical pivot point and appears to have acted as a short-term floor. The 78.6% level is at $22.83–22.86 and could serve as resistance. A pullback to the 50% level at $22.32–22.35 would test the strength of the bullish trend.

Looking ahead, Ethereum Classic appears to have strong near-term momentum but faces overbought conditions and resistance at $22.90–22.95. A break above $22.95 could target $23.10–23.20, but a pullback to test the $22.35–22.40 support is also likely. Investors should watch for volume confirmation at key levels and be prepared for increased volatility as the market tests these thresholds. As always, a trailing stop loss near the $22.35 level may help mitigate downside risk.