“Is a surge in Ethereum Classic imminent? In the coming days, it may see an astonishing increase of 20%!”
Ethereum Classic (ETC) has recently drawn market attention with its price movements. Currently, if the daily closing price of ETC breaks above $28.50, it could experience a rise of up to 20%, reaching $34.25. On-chain data shows that there has been a massive outflow of ETC worth $22.85 million from exchanges, indicating a shift in market sentiment, with bullish sentiment gradually taking the lead.
From on-chain indicators, the long/short ratio of ETC is 1.019, reflecting strong bullish sentiment among traders. After significant declines in recent days, ETC has successfully performed a price rebound, and long-term holders in the market are starting to return, which may bring more upward potential.
Coinglass data shows that exchanges in the cryptocurrency market have experienced a large outflow of ETC, suggesting that assets are being transferred to long-term holders' accounts, which typically indicates a market accumulation phase.
Technically, ETC has formed a bullish hammer candlestick at the key support level of $26.70 and has found support at the 200-day Exponential Moving Average (EMA). Analysts believe that if the daily closing price of ETC exceeds $28.50, the price may quickly break through and move towards $34.25.
It is worth noting that ETC's Relative Strength Index (RSI) is currently close to the oversold area, which could provide upward momentum for the price. Combining on-chain data and technical analysis, it seems that market sentiment is developing towards bullish, and the asset is expected to break through in the coming days.
Currently, ETC is trading at approximately $27.54, having risen over 13.5% in the past 24 hours, although trading volume has decreased, indicating relatively low investor participation.
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