Ethereum classic was a notable mover in today’s session, as the token rose by nearly 30% on Tuesday. As it has been confirmed, the Ethereum merger event will occur next week between September 13-15. Avalanche also rose more than 8 percent earlier today.
Ethereum classic (ETC), climbed to above $40, on Tuesday due to market reactions to The Merge event.
After a week-opening low of $32.20, the ETC/USD rose to $41.46 in the morning.
Today’s rally saw ethereum classic breakout of a recent ceiling of $40.00, hitting its highest point since August 18 in the process.
The chart shows that this breakout occurs as the relative strength index for 14 days (RSI), has also pushed through resistance.
Current index tracking is at 63.72. That is well above the ceiling of 61.40 which has been in place since August 17.
We could be looking at the 66.50 mark as the next resistance level in the indicator. This would allow us to see ETC around $45.00.
Avalanche (AVAX) also resided in the green during today’s session, with the token climbing by nearly 8%.
The AVAX/USD pair rose to $20.43 Tuesday. This brought prices within reach of the key resistance level of $20.50.
The avalanche reached its highest level since August 30, thanks to this move that saw the prices rise for a fourth day consecutively.
The chart shows that the RSI, currently at 41.21, is very close to a resistance at 43.10.
AVAX trades below $20.00 as of this writing. Bulls have retreated after a collision with the 20.50 ceiling.
There is still hope that bullish pressure will intensify and lead to a breakout. However, there are many obstacles, primarily the upcoming obstruction on the RSI.
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