Ethereum Classic rallies as capital rotates into altcoins

Ethereum Classic (ETC) has experienced a significant price rally, gaining 10% within a 24-hour period to reach $8.74. This upward movement coincides with a rotation of capital toward older Layer-1 networks, reflected in the CoinMarketCap Altcoin Season Index rising to 48 over the last month.

Trading volume for ETC surged by 150%, reaching $113.63 million, indicating high market participation. Technical indicators show the asset has reclaimed key exponential moving averages (EMAs), shifting its short-term structure toward buyers following a recent pennant retest.

While increased price volatility could accelerate the current trend, it also raises the risk of a sudden reversal. Analysts identify the $10 mark as a critical resistance level; a decisive close above this point could confirm a broader bullish structure, whereas a rejection could lead the price back toward EMA support.