ETC Soars to 6-Month High as Volume and Open Interest Surge
Ethereum Classic (ETC) extended its rally this week, surging as much as 38% from a breakout above $21.48 to a six-month peak near $25.59. Daily trading volume jumped over 230%–290% to more than $1 billion, lifting ETC’s market cap to roughly $3.9 billion. On the derivatives front, futures open interest climbed from $250 million to $313 million—the highest reading since November—while total derivatives volume topped $2.4 billion. Spot buy-sell delta readings were positive for two straight days, indicating stronger buyer demand, even as the long-short ratio remained below 1 amid some contrarian bets. Exchange netflow peaked at $10.37 million before easing, suggesting profit-taking by late buyers. Technical indicators on the 4-hour chart show ETC trading above its 20-EMA and middle Bollinger Band, with RSI and Stochastic RSI in overbought territory (86 and 100 respectively), warning of increased volatility. Immediate resistance lies at $26–$28, with a further target near $29; key support sits at $22–$23, or around $20.80 on a deeper pullback.
Bullish
Strong volume and open interest gains signal robust trader conviction and sustained buying pressure for Ethereum Classic. A breakout above key resistance levels and two days of positive spot buy-sell delta confirm bullish momentum. While overbought RSI readings warn of short-term volatility, overall market sentiment and derivatives flows point to further upside toward $29, with pullbacks to $22–$23 offering fresh entry opportunities.