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 nicely over the past 24 hours. The overall market cap at present stands round $1 trillion, up by greater than 2% at present.
Bitcoin, the world’s main cryptocurrency, continues to wrestle to maneuver previous the $20k psychological stage regardless of the broader crypto market performing nicely to this point at present. BTC is up greater than 1% within the final 24 hours.
Ethereum Traditional’s rally comes because the Ethereum group 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 help miners. Miners on the community could be pressured to maneuver to different blockchains, and Ethereum Traditional is likely one of the choices accessible to them.
Key ranges to look at
The ETC/USD 4-hour chart is extraordinarily bullish as Ethereum Traditional has outperformed the opposite main cryptocurrencies out there.
The MACD line is deep into the constructive zone, indicating a powerful bullish momentum for ETC for the time being.
The 14-day relative power index at present stands at 84, indicating that ETC is coming 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 achieve the $54 resistant mark for the primary time since March 2022.
