Ethereum Classic Surges 10% as Capital Rotates Towards Older Networks
Ethereum Classic has seen a significant surge in price and trading volume in recent days. According to data from Bitget, ETC jumped 10% over 24 hours to reach $8.74, with its trading volume increasing by 150% to $113.63 million.
The rally aligns with CoinMarketCap's Altcoin Season Index, which has climbed to 48 over the past month. This suggests that capital is rotating towards older Layer-1 networks, including Ethereum Classic.
The technical structure of ETC's short-term outlook has shifted towards buyers as it reclaimed its key EMAs. However, rising price volatility also increases the risk of a sudden reversal.
Ethereum Classic will face its next major test near the $10 swing high, roughly 14% above its current price. Clearing this level could extend the rebound and confirm a broader bullish structure after the pennant breakout.