- On-chain metrics show that exchanges experienced a significant outflow of ETC worth $22.85 million.
- The ETC long/short ratio indicates strong bullish sentiment among traders.
ETC, the native token of Ethereum Classic, is making waves with an impressive rally following a recent notable price drop. Overall market sentiment, including major assets such as Bitcoin (BTC) and Ethereum (ETH), appears to be shifting toward a price recovery following significant declines.
Bullish on-chain indicators for Ethereum Classic
Amid this ongoing price recovery, ETC has surged over 22%, attracting long-term holders as the price recovery enters territory where the altcoin could easily gain upward momentum in the coming days.
According to Coinglass’ ETC spot inflow/outflow indicator, exchanges across the cryptocurrency landscape experienced a significant ETC outflow of $22.85 million.
These significant outflows represent a potential upside rebound and ideal buying opportunity for ETC holders as the asset moves from exchanges to the wallets of long-term holders, implying potential accumulation.
Source: Coinglass
In addition to interest from long-term holders, traders are also starting to show interest in the token, according to a report by on-chain analytics firm Coinglass. The current ETC long/short ratio is 1.019, indicating strong bullish sentiment among traders.
Ethereum Classic (ETC) price action and future levels
This increased interest from whales and traders comes as ETC successfully retests the breakout level and the 200 exponential moving average (EMA) on the daily time frame. This in itself suggests a bullish signal.
Source: TradingView
According to expert technical analysis, ETC formed a bullish hammer candlestick at the important support level of $26.70 and also found support at the 200 EMA.
Recent price action suggests that if ETC closes the daily candle above the $28.50 level, it is likely to rise 20% in the coming days and reach the next resistance level of $34.25.
On the positive side, ETC’s Relative Strength Index (RSI) is currently close to oversold territory, suggesting upward momentum.
Read Ethereum Classic (ETC) price prediction for 2024-2025
Combining these on-chain indicators with technical analysis, it appears that a bull market is currently ruling the asset and could soon push its price towards the $34 level.
ETC is currently trading near $27.54 and has experienced a price surge of over 13.5% in the last 24 hours. During the same period, trading volume decreased by 30%, reducing the participation of traders and investors.