Why the price of Ethereum Classic may rise by 20%

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The native token of Ethereum Classic, ETC, has caused a stir with its impressive surge after a significant price drop in recent days. Following the sharp decline, overall market sentiment appears to be shifting towards a price recovery, including major assets like Bitcoin [BTC] and Ethereum [ETH].

Bullish on-chain indicators for Ethereum Classic

In the ongoing price recovery, ETC has surged over 22%, attracting long-term holders as the price recovery may position this altcoin in a region that could easily gain upward momentum in the coming days.

According to Coinglass's ETC spot inflow/outflow indicator, exchanges across the entire cryptocurrency sector have experienced a massive outflow of ETC valued at $22.85 million.

Such a large outflow of funds indicates potential upside for ETC, making it an ideal buying opportunity for ETC holders, as it suggests that the asset has been moved from exchanges to long-term holders' wallets, indicating potential accumulation.

According to on-chain analytics company Coinglass, in addition to the interest from long-term holders, traders are also starting to show interest in the token. Currently, the ETC long/short ratio is 1.019, indicating strong bullish sentiment among traders.

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