Ethereum Classic soars 17% – What’s fueling ETC’s 6-month high?

Key Points

1. Ethereum Classic (ETC) rose 17.27% to $25.59, with trading volume exceeding $1 billion (a 290% increase) and market cap reaching $3.9 billion.

2. Spot market data showed consecutive days of positive buy-sell delta, indicating sustained demand despite broader market corrections.

3. Derivatives market activity surged, with Open Interest (OI) up 28.2% to $313 million and Derivatives Volume rising 213.5% to $2.43 billion, signaling increased short positions.

4. Exchange Netflow spiked to $10.37 million before dropping, suggesting profit-taking by holders.

5. Technical indicators (Stochastic RSI at 100 and RSI at 86) show ETC is overbought, raising the possibility of a pullback if buying momentum weakens.