Ethereum Classic eyes the $20 resistance level after its latest rally

• Ethereum Classic is the best performer amongst the top 50 cryptocurrencies by market cap today.

• ETC is up by more than 4% today and has added 21% to its value in the last seven days.

• The broader crypto market is underperforming after a positive start to the week.

ETC is outperforming the other major cryptocurrencies today

ETC, the native coin of the Ethereum Classic blockchain, is the best performer amongst the top 50 cryptocurrencies by market cap today. It is up by more than 4% in the last 24 hours, and the price of Ethereum Classic now stands at $18.73.

According to the crypto analytics platform Santiment, Ethereum Classic is enjoying a pretty nice rally of its own. Not only is volume high, but ETC is also being shorted big time by traders on exchanges.

This latest cryptocurrency news could be the major catalyst driving ETC higher. The broader crypto market had a positive start to the week but is now retreating. The total crypto market cap stands at $817 billion, down by less than 1% in the last 24 hours. 

Bitcoin and Ether continue to maintain their prices above the $16,800 and $1,250 levels, respectively.

Key levels to watch

The ETC/USD 4-hour chart is bullish as Ethereum Classic has been performing well over the last few days. The technical indicators show that ETC is outperforming the broader crypto market.

The MACD line is deep within the positive territory, indicating that the bulls are in charge of the market. The 14-day relative strength index of 78 shows that ETC could enter the overbought region if the rally continues.

With the bulls in charge, ETC could surge past the first major resistance level at $20.12 before the end of the day. In the event of an extended rally, ETC could trade above the $23 psychological level for the first time since November 2022.

Where to buy Ethereum Classic now

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Disclaimer

Binance

Binance is one of the largest cryptocurrency exchanges in the world. It is better suited to more experienced investors and it offers a large number of cryptocurrencies to choose from, at over 600.

Binance is also known for having low trading fees and a multiple of trading options that its users can benefit from, such as; peer-to-peer trading, margin trading and spot trading.

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