ETC surged nearly 30% on Tuesday as merger timeline prepares – improving market bitcoin news

Having surged nearly 30% on Tuesday, Ethereum Classic had a significant move in today’s session. The increase comes as it is confirmed that the Ethereum Merger Event will take place next week between September 13-15. Another big driver is climate change, which rose more than 8 percent earlier today.

Ethereum Classic (ETC)

Ethereum Classic (ETC) climbed above the $40 mark on Tuesday, as markets reacted to news of a merger event.

Following a low of $32.20 to start the week, ETC/USD rose to $41.46 earlier in the day.

Today’s rally saw Ethereum Classic recently breach the $40.00 ceiling, reaching its highest level since August 18th in the process.

The biggest movers: ETC rose nearly 30% on Tuesday, as the integration timeline was set
ETC/USD – Daily Chart

As can be seen on the chart, this 14-day Relative Strength Index (RSI) is pushing against its own resistance.

Currently, the index is tracking at the 63.72 level, which is above the ceiling of 61.40 that was in place since August 17.

The next resistance point in the indicator seems to be the level of 66.50, and if we reach it, we can see ETC near $45.00.

Hurricane (AVAX)

Avalanche (AVAX) was also in the green during today’s session, with the token up about 8%.

AVAX/USD rose to $20.43 on Tuesday, taking the price to a key resistance point of $20.50.

The move, which marked the fourth straight day of price hikes, reached its highest level since August 30.

The biggest movers: ETC rose nearly 30% on Tuesday, as the integration timeline was set
AVAX/USD – Daily Chart

Looking at the chart, it can be seen that the RSI is also near its resistance at 43.10 and is currently tracking at 41.21.

As bulls retreated after a close encounter with the $20.50 ceiling, as of writing, AVAX is trading below $20.00.

There is still hope that the bullish pressure could lead to a breakout, but many hurdles remain, mainly with the upcoming hurdle on the RSI.

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Do you think Snow will break out of the $20.50 resistance point? Let us know your thoughts in the comments.

Ilya Dumbledore

Elliman brings a multifaceted perspective to market analysis, having worked as a Broker Director, Retail Trading Educator and Market Analyst in Crypto, Stocks and FX.

Image credits: Shutterstock, Pixabay, Wiki Commons

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