Ethereum Classic Soars 10% Amid Altcoin Rotation
Ethereum Classic (ETC) has seen a significant surge in value over the past 24 hours, gaining 10% to reach $8.74. This increase in value is part of a larger trend of capital rotating towards older Layer-1 networks, as indicated by CoinMarketCap's Altcoin Season Index climbing to 48 over the past month.
The trading volume for ETC has also increased by 150% to $113.63 million, suggesting strong participation in the market. The short-term technical structure of ETC is now bullish, with the token having reclaimed its key EMAs on the daily chart.
However, there are concerns that the rising price volatility could lead to a sudden reversal. If activity remains elevated, ETC could challenge its next major resistance near $10, which is 14% above the current price. A decisive close above $10 with high trading volume could give the rally another leg.