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- Ethereum Classic price shows three consecutive days of gains.
- ETC could be s setting up for a 20% rally toward $28.50
- Invalidation of the bullish thesis would arise from a breach below the $22.16 liquidity level.
Ethereum Classic price continues to stair-step north during the third week of February. Traders should maintain a close watch on the digital asset as it seems poised for a 20% rise.
Ethereum Cassic price prepares for a move
Ethereum Classic price is displaying bullish signals that breakout traders love to see. On February 20, the Ethereum- token is up for the third consecutive day, narrowing the spread of a confining range from the $20-22.50 zone.
Etheruem Classic price is currently trading at $23.89 as the recent 3% hike on the day has been catalyzed from a cross for the 8-day exponential into the 21-day simple moving average. The bullish crosses suggest An uptick in volatility will soon occur, and since the price remains above the levels, Traders should expect the winter uptrend to continue.
Based on the technicals, the Ethereum Classic price shows the potential to be rally as high as the $28.50 zone to challenge bears who established their short positions during Autumn 2022. The bullish Scenario potential for a 20% increase from ETC's current market value
Still, traders should consider their risk management as volatility-induced markets can entice traders to begin opening more positions than necessary before actualizing profit.
ETC/USDT 1-Day Chart
Invalidation of the bullish thesis would arise from a breach below the compressing indicators at $22,016. If the breach occurs, traders can expect to decline, targeting the $18 resistance zone resulting in a 23% decrease from Ethereum Classic's current trading price.