Ethereum Classic (ETC) could be a potential bullish signal, with a 20% increase expected if it breaks $28.50.$ETH
The latest on-chain data shows that a total of $22.85 million worth of ETC has been withdrawn from exchanges, which can be interpreted as bullish signals. According to Coinglass data, the long/short ratio of ETC is at 1.019, indicating a strong bullish sentiment among investors.
Ethereum Classic (ETC) is likely to see a potential breakout towards $34.25, according to on-chain data and technical indicators.
Ethereum Classic has rebounded from recent lows, rising more than 22% and is starting to recapture the interest of long-term investors. This rally was supported by a positive change in market sentiment in major cryptocurrencies like Bitcoin and Ethereum.
On-chain analysis reveals that $22.85 million worth of ETC was withdrawn from exchanges. Such a move typically signals a shift of assets to long-term holders, indicating a potential accumulation and bull market outlook.
ETC’s long/short ratio stands at 1.019, indicating a strong bullish sentiment among investors, thus strengthening the possibility of further price gains.
The renewed interest from large and retail investors coincides with Ethereum Classic retesting critical levels, which has led to bullish trend indicators emerging on daily charts.
Recent technical analysis shows that ETC is forming a bullish hammer candlestick pattern at one of the key support levels, $26.70, supported by the 200 EMA. If ETC closes above $28.50, the price is likely to rise by around 20% to $34.25.
Additionally, the Relative Strength Index (RSI) is approaching oversold conditions, signaling potential bullish momentum for Ethereum Classic.
It may also be useful to take a look at the 2024-2025 price predictions for Ethereum Classic (ETC).
Combining the observed on-chain metrics and current technical analysis, it seems that bullish forces are gaining strength and the price could rise to $34. Currently, ETC is trading around $27.54, and although there has been a notable increase of 13.5% in the last 24 hours, there is a 30% decrease in trading volume, indicating weakening market participation.