Ethereum’s third tesnet has launched successfully, instilling the faith among users, traders, investors and analysts that the September merger will proceed smoothly. This upcoming merger will see miners moving towards Ethereum Classic (ETC) which has raised the ETC demand.In the last 30 days, Ethereum Classic (ETC) saw an extensive price rally from the $13 mark. This move has placed Ethereum Classic near to the upper band of the Bollinger Bands (BB).At the time of writing, Ethereum Classic (ETC) is trading at $41.90, after dropping by 2.74% over the last 24hrs.After an overall market recovery, ETC has now formed a support beyond EMA (red) and 50 EMA (cyan). On the other hand, the Point of Control (POC, red) has pushed the Ethereum Classic to form a bullish pennant-like graph.The next immediate resistance lies at $47 and $49. If ETC fails to claim this level of resistance, the currency could see a bearish pull soon.Considering the Relative Strength Index (RSI), it has recently been fluttering around the overbought region and flashing an extensive buying pattern. If the RSI manages to flip from this area, the buying pressure could slow down.Ethereum Classic To Plunge?It’s important to note, however, that Ethereum Classic has now plunged from its $45 mark, and we could witness bearish pressure take over the game. Currently, Ethereum Classic is below the 0.618 Fibonacci level, which points towards the fact that the bulls are getting weaker. Ethereum Classic has witnessed some interesting price action since mid-July. The Ethereum Merger could bring good luck for ETC as it will lead to an increase in the demand. Was this writing helpful?
