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Why Ethereum Classic could be setting up for a 20% price jump
Ethereum Classic (ETC) is poised to experience a significant surge in the coming days, with predictions suggesting a potential 20% rally. According to recent on-chain metrics and technical analysis, the asset has been experiencing a substantial $22.85 million worth of ETC outflow from exchanges, indicating that long-term holders are accumulating the token.
This substantial outflow suggests that the asset is transitioning from short-term traders’ focus back into a strong bullish narrative among long-term investors. Furthermore, the ETC long/short ratio currently stands at 1.019, revealing an overwhelmingly positive sentiment among traders.
The data further indicates that ETC has successfully retested its breakout level and the 200 Exponential Moving Average (EMA) on the daily time frame, which is a highly bullish sign. This newfound support at $26.70 and the 200 EMA suggests that the asset may soon close above the crucial $28.50 level.
Should this scenario unfold, Ethereum Classic could potentially reach the $34.25 resistance level in the coming days. Currently trading around $27.54, a price increase of over 13.5% has been recorded over the past 24 hours, accompanied by a significant drop in trading volume to the tune of 30%.
Source: ambcrypto.com
