Ethereum Classic (ETC) May Reach $34 if Daily Close Surpasses $28.50, Indicating Positive Market Sentiment

• Ethereum Classic (ETC) is poised for a potential surge, with analysts predicting a 20% increase if it surpasses the $28.50 mark.

• The recent analysis by on-chain metrics indicates a significant $22.85 million outflow of ETC from exchanges, signaling bullish trends.

• According to Coinglass, the ETC long/short ratio stands at 1.019, reflecting a strong bullish sentiment among traders.

Ethereum Classic (ETC) shows bullish signs, with on-chain metrics and technical indicators suggesting a potential breakout to $34.25.

Ethereum Classic’s Bullish On-Chain Metrics

As Ethereum Classic’s price rebounds from recent lows, it has surged over 22%, attracting renewed interest from long-term investors and traders alike. This rally is fueled by a favorable shift in market sentiment across major cryptocurrencies, including Bitcoin and Ethereum.

On-chain analysis indicates that exchanges have experienced a significant inflow, with a total of $22.85 million in ETC flowing out of these platforms. Such activity often signifies a transition of assets to long-term holders, indicating potential accumulation and a bullish outlook for the asset.

Source: Coinglass

The long/short ratio for ETC, which currently stands at 1.019, displays a strong bullish sentiment among traders, adding to the expectations of a continued price rise.

Ethereum Classic (ETC) Price Action and Upcoming Levels

The resurgence of interest from large holders and retail investors has coincided with ETC successfully retesting critical levels, including a breakout level and the 200 Exponential Moving Average (EMA) on the daily chart. These developments are indicators of a bullish trend.

Source: TradingView

Recent technical analysis has shown that ETC has formed a bullish hammer candlestick at the significant support level of $26.70, further supported by the 200 EMA. If ETC manages to close a daily candle above the $28.50 threshold, it could lead to a price rally of approximately 20% toward the next resistance level at $34.25.

Furthermore, the Relative Strength Index (RSI) is nearing an oversold condition, indicating potential upside momentum for the token.

For further insights, check out Ethereum Classic’s [ETC] Price Prediction for 2024–2025.

Combining the observed on-chain metrics with current technical analysis, it becomes clear that bullish forces are gaining ground, potentially pushing the price of ETC toward the $34 mark. At present, ETC is trading around $27.54, reflecting a significant 13.5% increase over the last 24 hours, although trading volume has decreased by 30%, suggesting quieter overall market participation.

Conclusion

In summary, Ethereum Classic (ETC) is positioned for a potential rally, supported by bullish on-chain metrics and favorable technical indicators. Investors should closely monitor the price action around the $28.50 mark, as a sustained breakout above this level may signal further gains. As the market sentiment shifts positively, it might be an opportune time for both new and existing holders to consider their positions in ETC.