Ethereum Classic: Why long-term prospects of ETC are on brighter side

EthereumClassic: Why long-term prospects of ETC are on brighter side

Disclaimer: The information presented does not constitute financial, investment, trading, or other types of advice and is solely the writer’s opinion.

ETC jumped over the EMA ribbons post the near-term buying resurgence above its long-term trendline support . A reversal from the 61.8% Fibonacci resistance could pose some recovery hurdles before a likely bullish comeback. At press time, the alt traded at $33.7, up by 24.98% in the last 24 hours.ETC’s dip from its April highs put the alt on a long-term bearish track as it kept finding fresher multi-monthly lows to rest on.

While the Point of Control provoked a bullish flag-like structure, the recent bullish engulfing candlestick confirmed the bullish breakout. Also, the trading volumes saw an uptick of over 268% in just the last 24 hours. This jump reinforced the bullishness in the current structure.

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