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September 6, 2022
Ethereum ETHUSD Gains Momentum Ahead Of The Merge
September 6, 2022
Ethereum classic was a notable mover in today’s session, as the token rose by nearly 30% on Tuesday. The surge comes as it was confirmed that the Ethereum merge event will take place next week, between September 13-15. Another big mover 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.
Following a low of $32.20 to start the week, ETC/USD surged to a peak of $41.46 earlier in the day.
Today’s rally saw ethereum classic breakout of a recent ceiling of $40.00, hitting 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 tracking at a level of 63.72, which is above a ceiling of 61.40, which had been in place since August 17.
The next point of resistance in the indicator looks to be the 66.50 level, and if reached, we could see ETC near $45.00.
Avalanche (AVAX)
Avalanche (AVAX) also resided in the green during today’s session, with the token climbing by nearly 8%.
AVAX/USD raced to a high of $20.43 on Tuesday, taking prices close to a key resistance point of $20.50.
This move, which saw prices climb for a fourth consecutive day, resulted in avalanche hitting its highest point since August 30.
Honing in on the chart, it can be seen that the RSI is also near a resistance of its own at 43.10, and is currently tracking at 41.21.
As of writing, AVAX is trading under $20.00, as bulls retreated following a close collision with the $20.50 ceiling.
Hope still remains that the bullish pressure could intensify leading to a breakout, however several obstacles remain, mainly with the upcoming obstacle on the RSI.
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Do you anticipate that avalanche will break out of its $20.50 resistance point? Let us know your thoughts in the comments.
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