ETC up nearly 30% on Tuesday, as merger timeline set – Market Updates Bitcoin News
Ethereum classic was a notable draw in today’s session, as the token surged nearly 30% on Tuesday. The increase comes as it was confirmed that the Ethereum Merger Event will take place next week, between the 13th-15th. September. Another big driver was Avalanche, which rose by over 8% earlier today.
Ethereum Classic (ETC)
Ethereum classic (ETC) climbed above the $40 mark on Tuesday, as markets reacted to news of The Merge event.
After a low of $32.20 to start the week, ETC/USD rallied to a high of $41.46 earlier in the day.
Today’s rally saw ethereum classically breach a recent ceiling of $40.00, reaching its highest point since August 18 in the process.
As seen on the chart, this breakout comes as the 14-day relative strength index (RSI) also pushed through a resistance of its own.
Currently, the index is trading at a level of 63.72, which is above a ceiling of 61.40, which had been in place since August 17.
The next resistance point in the indicator seems to be the 66.50 level and if it is reached, we can see ETC near $45.00.
Avalanche (AVAX)
Avalanche (AVAX) was also in the green during today’s session, with the token climbing nearly 8%.
AVAX/USD rallied to a high of $20.43 on Tuesday, taking prices near a key resistance point at $20.50.
This move, which sent prices climbing for the fourth day in a row, resulted in the slide reaching its highest point since August 30.
Looking at the chart, it can be seen that the RSI is also close to a resistance of its own at 43.10, currently tracking at 41.21.
At the time of writing, AVAX is trading below $20.00, as bulls retreated after a tight collision with the $20.50 ceiling.
The hope remains that the bullish pressure can intensify and lead to a breakout, but several hurdles remain, mainly with the upcoming hurdle on the RSI.
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Do you expect the slide to break out of the $20.50 resistance? Let us know your thoughts in the comments.
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