Today's session saw Ethereum classic rise by almost 30%. This surge is due to the confirmation that the Ethereum merge will be held next week, September 13-15. Avalanche was another major mover, rising by more than 8% today.
Ethereum (ETC).
Ethereum classic (ETC), which rose above $40 on Tuesday as markets responded to the news of The Merge.
After a low of $32.20 at the beginning of the week, ETC/USD surged higher to $41.46 earlier in today.
Today's rally saw the ethereum classic breakout a recent ceiling at $40.00, reaching its highest point since August 18.
This breakout is as a result of the 14-day relative weakness index (RSI), which also pushed through resistance.
The index currently tracks at a level above the ceiling of 61.40 which was in place since August 17.
The next resistance level in the indicator is the 66.50 mark. If reached, ETC could be as close to $45.00.
Avalanche (AVAX)
Avalanche (AVAX), also resided on the green today, with the token climbing nearly 8%.
The AVAX/USD pair rose to $20.43 Tuesday, bringing prices within reach of the key resistance level of $20.50.
This resulted is avalanche at its highest level since August 30, after prices climbed for the fourth consecutive day.
The chart shows that the RSI is close to a resistance at 43.10 and is currently tracking at 41.1.
AVAX trades below $20.00 as of this writing. Bulls have retreated after a close encounter with the $20.50 ceiling.
There is still hope that the bullish pressure will intensify leading to a breakout. However, there are many obstacles, mainly the upcoming obstacle at the RSI.
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By: Eliman Dambell
Title: Biggest Movers: ETC up Nearly 30% on Tuesday, as Merge Timeline Is Set
Sourced From: news.bitcoin.com/biggest-movers-etc-up-nearly-30-on-tuesday-as-merge-timeline-is-set/
Published Date: Tue, 06 Sep 2022 16:01:28 +0000
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