Ethereum Classic (ETC) Price Prediction: ETC Primed for 20% Rally as Bulls Dominate the Asset

ETC, the native token of Ethereum Classic, has been making waves with its impressive rally following a notable price decline in recent days.

output: After a notable price decline in recent days, ETC, the native token of Ethereum Classic, has soared more than 22% to trade at press time prices, attracting attention with its impressive rally.

The broader crypto market has seen a shift towards price recovery, with major assets like Bitcoin [BTC] and Ethereum [ETH] also recovering from the recent price decline.

Boosted by the bullish on-chain metrics, ETC has soared more than 22% with an aim to attract long-term holders as the price recovery brings the altcoin into a zone that could easily gain upside momentum in the coming days.

As per the ETC spot inflow/outflow metrics from Coinglass, exchanges across the crypto landscape have seen a massive $22.85 million in ETC outflow.

This substantial outflow, as per the platform’s tracking, indicates a potential upside rally and an ideal buying opportunity for ETC holders.

The outflow suggests that the assets have moved from exchanges to the wallets of long-term holders, indicating potential accumulation.

Further highlighting this interest, on-chain analytics firm Coinglass also reported that traders have shown interest in the token. Currently, the ETC long/short ratio on Binance stands at 1.019, indicating strong bullish sentiment among traders.

This rising interest from whales and traders appears as ETC has successfully retested its breakout level and the 200 Exponential Moving Average (EMA) on the daily time frame, which itself hints at a bullish sign.

According to technical analysis by experts, ETC has formed a bullish hammer candlestick at the crucial support level of $26.70 and also found support at the 200 EMA on the daily time frame.

Based on the recent price action, if ETC closes a daily candle above the $28.50 level, there is a good chance that it could soar by 20% to reach the next resistance level of $34.25 in the future.

On the positive side, ETC’s Relative Strength Index (RSI) currently stands in the zone that indicates buying pressure and is also close to the levels that indicate an asset is “oversold.” This could indicate potential upside momentum for the asset.