Top Reasons Why Ethereum Classic (ETC) Price is Surging Today?

• The ETC price has broken out of a crucial resistance and now aims for $40.
• The surging ETC futures OI amid positive funding rates suggests bullish sentiment.
• The Ethereum Classic network has struggled over the years to compete with other smart contract-based L1 chains.

Ethereum Classic (ETC) has jumped over 33% in the last week, breaking out of a long-term trading range. This powerful rally is being fueled by more than just general market hype; it’s backed by a fundamental shift to a deflationary token model and soaring interest from traders.

The altcoin was trading at about $24.56 on Saturday, with a 24-hour volume of around $2 billion.

ETC Surge Backed by Rising Open Interest

The ETC bullish sentiment follows a gradual increase in its Open Interest (OI) from around $116 million on April 10, 2025, to about $311 million on July 19. The rising ETC OI is an indication of renewed interest from speculative crypto traders.

According to market data analysis from Coinglass, the ETC funding rate has turned positive in the last two weeks after a prolonged negative funding rate. Historically, a sustained positive funding rate has preceded bullish sentiment.…

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