The market may be down right now, but that doesn’t mean that there are no buying opportunities. In fact, this is a perfect time to make money if you have an eye for financial opportunities. Take Ethereum Classic (ETC) for example. It is showing some signs of a bullish reversal in the daily charts.
A look at the day chart shows that the price is reversing with a near-term uptrend forming. After several days of a sustained downtrend, the price reversed on the 8thhitting a high of $25, before closing the day at $21. That’s was a strong bullish signal considering that on the 7th it had closed the day at lows of $19.
Ethereum Classic (ETC) upside momentum is confirming itself after today’s price opened at $21.5, which is higher than the previous day’s close. If the price can close the day at $22 and above, then the near-term uptrend is confirmed. Volumes too seem to be picking up after a series of declines in the last 3 days. This is an indication that the bulls are taking control of this market. The upside projections are quite profitable, with the first point of resistance being the $26-$27 price level. Even if you were to exit the market at this point, you will have made some good money, considering that the overall market sentiment is bearish right now.
But it’s not just the technicals that support a near-term upside move for this coin. There is also some positive news out with regards to ETC. For instance, there is the news that Ethereum Classic is being supported by Circleplay.
This is a big deal because Circleplay intends to make crypto trading easier than ever before. As such, all coins that are supported are likely to see increased trading volumes, and with that, an increase in prices, due to increased demand. Besides, this is likely to increase the profile of ETC. Remember not every crypto has had the opportunity to get added on Circleplay. In fact, even Ripple (XRP) one of the most popular cryptos in the market hasn’t been added.
This is most likely creating the right impression in the minds of investors. It’s creating the impression that there is something that Circle has seen in Ethereum Classic (ETC) that is not in many other cryptos in the market. Remember Circle is owned by Goldman Sachs, the world’s foremost financial gurus. As such, anytime they make a decision, then you can be sure that there is some solid and profitable reason behind it. In the case of ETC, that reason could be that it has good volumes, and has a solid tech behind it.
The bottom-line is that in the near-term, ETC is a good buy even as the market remains in bearish territory. It has the potential to give you a return of at least 20%, which is good, considering that the rest of the market is in the red, with no end in sight. Ethereum Classic (ETC) current price level of $21 to $21.5 is a good entry point.