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ETC up nearly 30% on Tuesday as merger timeline set – Reuters

Ethereum Classic was a notable mover in today’s session, with the token rising almost 30% on Tuesday. The push comes as it has been confirmed that the Ethereum merger event will take place next week, September 13-15. Another big factor was the avalanche, which increased over 8% earlier in the day.

Classic Ethereum (ETC)

Classic Ethereum (ETC) broke above the $40 mark on Tuesday as markets reacted to news of The Merge event.

After bottoming out at $32.20 at the start of the week, ETC/USD hit a high of $41.46 earlier today.

Today’s rally saw Ethereum Classic break a recent high of $40.00, hitting its highest level since August 18 in the process.

Biggest moves: ETC up nearly 30% on Tuesday as merger timeline is set
ETC/USD – Daily Chart

As seen on the chart, this breakout comes as the 14-day Relative Strength Index (RSI) also broke through resistance of its own.

Currently, the index is tracking a level of 63.72, which is above a high of 61.40, which was in place since August 17th.

The next point of resistance in the indicator appears to be the 66.50 level, and if it is reached, we might see ETC nearly $45.00.

Avalanche (AVAX)

Avalanche (AVAX) also resided in the green during today’s session, with the token climbing nearly 8%.

AVAX/USD hit a high of $20.43 on Tuesday, bringing prices back near a key resistance point of $20.50.

The move, which saw prices rise for a fourth consecutive day, led to an avalanche reaching its highest level since August 30.

Biggest moves: ETC up nearly 30% on Tuesday as merger timeline is set
AVAX/USD – Daily Chart

Focusing on the chart, we can see that the RSI is also close to its own resistance at 43.10, and is currently trailing at 41.21.

As of this writing, AVAX is trading below $20.00 as the bulls pulled back after a close collision with the $20.50 high.

Hope remains that the upside pressure may intensify and lead to a breakout, but several hurdles remain, primarily with the upcoming hurdle on the RSI.

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Do you expect the avalanche to break out of its resistance point at $20.50? Let us know your thoughts in the comments.

Eliman Dambell

Eliman brings an eclectic perspective to market analysis, having worked as a brokerage manager, retail educator, and market commentator in crypto, stocks, and FX.




Image credits: Shutterstock, Pixabay, Wiki Commons

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