Ethereum Traditional is one of the best performer amongst the highest 100 cryptocurrencies by market cap within the final 24 hours.
ETC, the native coin of the Ethereum Traditional blockchain, is up by greater than 27% within the final 24 hours. Thus, making it one of the best performer amongst the highest 100 cryptocurrencies by market cap.
ETC’s rally comes because the broader crypto market has been performing effectively over the past 24 hours. The whole market cap presently stands round $1 trillion, up by greater than 2% right this moment.
Bitcoin, the world’s main cryptocurrency, continues to wrestle to maneuver previous the $20k psychological degree regardless of the broader crypto market performing effectively thus far right this moment. BTC is up greater than 1% within the final 24 hours.
Ethereum Traditional’s rally comes because the Ethereum neighborhood will get prepared for the Merge occasion. The Merge occasion will see the Ethereum blockchain migrate from a proof-of-work (PoW) mechanism to a proof-of-stake (PoS).
On account of the Merge, the Ethereum blockchain will now not assist miners. Miners on the community can be compelled to maneuver to different blockchains, and Ethereum Traditional is likely one of the choices obtainable to them.
Key ranges to observe
The ETC/USD 4-hour chart is extraordinarily bullish as Ethereum Traditional has outperformed the opposite main cryptocurrencies available in the market.
The MACD line is deep into the optimistic zone, indicating a powerful bullish momentum for ETC in the meanwhile.
The 14-day relative energy index presently stands at 84, indicating that ETC is getting into the overbought area very quickly.
At press time, ETC is buying and selling at $40.60. If the rally continues, ETC may surge previous final month’s excessive of $45.65 earlier than the tip of the day.
Within the occasion of an prolonged bullish efficiency, ETC may try to succeed in the $54 resistant mark for the primary time since March 2022.