The uptick can be attributed to the news that the Ethereum merge event will take place the next week, between September 13 and 15, which confirmed the timing of the event. Avalanche was another stock that had significant price movement, as it added more than 8% to its value earlier today.

The Original Blockchain of Ethereum (ETC)

The market reacted positively to the announcement that The Merge event would take place on Tuesday, which caused the price of Ethereum classic (ETC) to rise past the $40 threshold.

After starting the week at a low of $32.20, the Ethereum Classic to United States Dollar exchange rate skyrocketed to a high of $41.46 earlier in the day.

During the recent rise, ethereum classic broke through a recent ceiling of $40.00, reaching its highest value since August 18 as a result of the breakthrough.

The relative strength index (RSI) for the period of 14 days also broke through a resistance that was unique to itself, as can be seen in the chart. This event coincides with the breakout.

The index is showing that it is currently tracking at a level of 63.72, which is higher than a ceiling of 61.40 that had been in place since August 17.

If the 66.50 level is broken, the next level of resistance in the indicator appears to be at that level, and if that level is broken, we may see ETC trading in the vicinity of $45.00.

Avalanche (AVAX)

Avalanche (AVAX) maintained its position as a positive performer during today's trading session, with the token achieving gains of around 8%.

On Tuesday, the AVAX/USD pair surged to a new all-time high of $20.43, bringing prices dangerously close to a significant area of resistance located at $20.50.

Avalanche reached its highest peak since August 30 as a direct result of this move, which caused prices to rise for a fourth day in a row.

As we zoom in on the chart, we can see that the RSI is also at a resistance of its own at 43.10, and it is currently tracking at 41.21. This can be noticed because the RSI is currently tracking below that level.

As this article is being written, AVAX is trading at a price lower than $20.00, as bulls have pulled back following a close encounter with the ceiling at $20.50.[rb_related title="More Read" style="light" total

There is still a chance that the bullish pressure will increase, which will eventually result in a breakthrough; however, there are still a number of obstacles, the most significant of which is the impending obstacle on the RSI.