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Ethereum Classic (ETC) rose by 3.74% on Friday to signal an increase in buying momentum. This built on the positive bounce from the $22.8 support level, as buyers look to reclaim the $30 price mark.
With the general crypto market still undecided on a trend direction, traders have adopted short term trading strategies. As such, ETC presents a good opening to embark on a bullish run with decent profit targets.
Bollinger Bands Support Bullish Thesis
The short term outlook for Ethereum Classic’s price chart looked positive when examined with the Bollinger Bands (BB). The lower band at the $23.7 price range acted as a dynamic support over the past 48 hours, allowing ETC to break above the mid-way point of the band.
This opened up the Bollinger Bands with price expected to trend upwards. Furthermore, the RSI (Relative Strength Index) highlighted the growing bullish momentum, as buyers flipped the RSI positive with a strong push above the neutral 50 level.
With price currently trading at $25, short to medium term traders can enter a long position with a first target level of $27.6 and a second target level of $31.2. Both levels would return gains of 10% and 25% respectively.
With the long term outlook also looking bullish as evidenced by multiple bull candle closes on the daily timeframe along with the RSI remaining above the neutral 50, buyers can confidently expect to register gains on ETC in the near term.
Entry & Exit Price Levels
CMP: $25.22
Target 1: $27.6
Target 2: $31.2
Disclaimer: This article does not constitute trading, investment, financial, or other types of advice. It is solely the writer’s opinion. Please conduct your due diligence before making any trading or investment decisions.
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