$27.73Ethereum Classic Price Prediction: ETC will rise to $27.73

Since December 2022, the price of Ethereum Classic (ETC) has been rebounding near a key support level. In fact, ETC has bounced off the $14.70 support level five times. 

ETC Daily Chart, Source: TradingView.

The last four bounces formed a series of lower highs, creating a descending triangle pattern when connecting these swing points with a trendline.

While this technical pattern suggests a bearish inclination, the possibility of an upward breakout should not be overlooked. Regardless of the breakout direction, the target of the descending triangle is obtained by measuring the distance between the first swing high and swing low to the breakout point.

Additionally, the Relative Strength Index (RSI) on the daily timeframe is positioned above the 50 level, indicating a high potential for an upward breakout. Moreover, the weekend rebound has led many investors to believe that a bull market is underway.

Taking these factors into consideration, a decisive daily candle close above $15.91 will confirm a bullish breakout, with the target of $20.59 derived by adding the 29% distance between the first swing high and swing low to the aforementioned breakout level. 

Interestingly, the midpoint of the range from $14.70 to $27.73 at $19.99 is slightly below the bullish target. Therefore, traders betting on this trend in the Ethereum Classic price should consider gradually reducing positions near that level.

ETC/USDT 1-day chart, Source: TradingView.

While the bullish outlook makes logical sense, investors need to be cautious as the weekend rebound may dissipate at the start of the new week.

If the daily candle close of Ethereum Classic price falls below the $14.70 support level, it will confirm a bearish breakout. In such a scenario, ETC could correct by 30% to $10.36.