Ethereum Classic (ETC) price has done well in the past few months as the crypto bull run has intensified. The coin surged to a multi-year high of $39.62 on Tuesday, sharply higher than the year-to-date low of $18.40.
Ethereum Classic halving date
The main reason for the ETC price rally is that Bitcoin and Ethereum have been in a spectacular surge. Bitcoin soared to over $69,000 this week while Ether surged to over $3,900 as it neared its all-time high.
BTC has jumped as demand has continued to be higher than supply because of the ongoing ETF buyers. The iShares Bitcoin ETF has added over $11 billion in assets in the past two months, making it the fastest-growing fund on record. Other ETFs like FBTC and BRRR have continued to gain market share.
The ETF demand has coincided with the excitement about the upcoming Bitcoin halving event, which will happen in April. In most periods, BTC tends to jump ahead of the halving event since it has an impact on supply.
Ethereum, on the other hand, has soared because of the rising optimism that the Securities and Exchange Commission (SEC) will approve a spot ETF this year. If this happens, it will likely lead to more demand at a time when supply is limited.
Ethereum Classic price has, therefore, soared because of these two events. In most cases, traders see it as a better or cheaper alternative to buy compared to Ethereum, which was trading at almost $4,000.
Ethereum Classic has its own catalyst as well. Its fourth halving will happen on May 30th. Its halving happens at every 5 million blocks. In this case, the block reward will move from 2.56 ETC to 2.04 ETC and will happen when the block height will get to 20 million.
In most cases, cryptocurrencies tend to do well ahead of their halving events. A good example of this is Litecoin, whose price surged ahead of its halving in 2023.
Ethereum Classic price forecast
Turning to the 4H chart, we see that the ETC price has been in a strong bullish trend in the past few weeks. It has surged from the YTD low of $18.40 to over $30. The token has remained above all moving averages and the crucial support level at $32.44, its highest point it in January.
Most oscillators like the Relative Strength Index (RSI) and the MACD have continued rising. Therefore, the outlook for the Ethereum Classic is extremely bullish ahead of the halving. This view will be confirmed if the price moves above the YTD high of $39.62. A break above that level will see it soaring to $50.
