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▲ Ethereum Classic (ETC) ©CoinReaders
Ethereum Classic (ETC) broke through its key resistance level of $9.20, surging 8.56% in one day to reach $9.49. The surge was driven by a technical breakout accompanied by a sharp increase in trading volume, a market rally fueled by Bitcoin spot ETFs, and an altcoin rotation, rather than any distinct individual positive news.
According to CoinMarketCap, a cryptocurrency market data aggregator, on September 23 (local time), Ethereum Classic traded at $9.49, up 8.56% over 24 hours. ETC decisively broke through the $9.20 resistance level that the market was watching. During the same period, trading volume surged by 54.98% to $119.78 million. With both price and volume rising simultaneously, whether the former resistance of $9.20 converts into a new support level has emerged as a key factor in the short-term trend.
The overall market uptrend also pushed ETC higher. The total cryptocurrency market capitalization rose by 1.67% during the same period, and the inflow of approximately $1 billion into US Bitcoin (BTC) spot ETFs on the 21st strengthened overall market risk appetite. This was the largest daily inflow in 11 months, driving the market up along with short squeezes (buying pressure resulting from the liquidation or covering of short positions). The Altcoin Season Index also rose to 50, creating an environment for capital to flow into volatile altcoins like ETC.
Technical momentum is also strong. The Relative Strength Index (RSI) is at 72.06, indicating an uptrend, but has not yet reached extreme overbought levels. The current short-term resistance is around the recent high of $9.48, and if the upward trend continues beyond this, $10.13, where the Fibonacci extension line is located, is suggested as the next target.
Conversely, the continuation of the uptrend depends on defending the $9.20 level. If ETC maintains its price above the breached $9.20, it can continue its upward trajectory. However, if it falls back below this price, there is a possibility of a pullback to the $8.80-$8.65 support zone. Whether the price stably consolidates above $9.20 after the surge is a key criterion for confirming the validity of the breakout.
Going forward, it will be necessary to monitor the continued inflow of funds into Bitcoin spot ETFs, alongside ETC's own technical trends. In particular, whether Bitcoin maintains above $85,000 to support overall market sentiment has been identified as a key variable for the sustained altcoin rally. If ETC solidifies $9.20 as a support level, further upside potential towards $10.13 opens up. However, given that the current uptrend largely relies on overall market risk appetite, Bitcoin and ETF fund flows should also be closely watched.
*Disclaimer: This article is for investment reference only, and we are not responsible for any investment losses based on it. The content should be interpreted for informational purposes only.*
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