Ethereum Classic Eyes $65 After Surpassing the $60 Resistance Level

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Published: Nov 9, 2021, 19:29 GMT+00:00

Ethereum Classic has surged by more than 12% over the past 24 hours and looks likely to top the $65 resistance level as the total cryptocurrency market surpasses the $3 trillion mark.

Ethereum Classic Eyes $65 After Surpassing the $60 Resistance Level

Various cryptocurrencies have been rallying since the start of the week, and Ethereum Classic is currently outperforming numerous other coins.

ETC Rallies by More Than 13%

The cryptocurrency market has been performing excellently over the past few hours, and Ethereum Classic is one of the top performers amongst the top 30 by market cap. At the time of writing, ETC is up by more than 13% against the US Dollar and is trading above $62.

Ethereum Classic has struggled to move past the $60 resistance level despite the broader cryptocurrency rallying higher. However, it is now up by 8.5% against Ether and 12.3% against Bitcoin.

Ethereum Classic was created in 2016 from the hard fork of the Ethereum blockchain. However, it has remained in the shadow of Ethereum since then.

By rallying past the $60 resistance level, Ethereum Classic could continue its upward movement and top the $65 mark over the next few hours. ETC has outperformed ETH since the start of the year.

So far, in 2021, ETC has rallied by more than 990%, surpassing the 559% recorded by Ether. Bitcoin, on the other hand, has surged by more than 150% year-to-date. ETC is down by more than 60% from the all-time high of $167 it attained in May this year.

However, if ETC can maintain its current momentum, then it could surpass the $65 resistance level over the coming hours. An extended rally from the broader cryptocurrency market would allow ETC to rally even higher and make a move towards the $70 mark in the coming hours or days.

ETC/USD chart. Source: FXEMPIRE

NFT Giveaways Pushes ETC’s Price Higher

One of the major catalysts behind ETC’s recent rally is its giveaways. The Ethereum Classic team has been giving away e ETC Punks nonfungible tokens since yesterday, and that has drawn more attention to the cryptocurrency.