[ad_1]
Ethereum Traditional is the very 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 the very best performer amongst the highest 100 cryptocurrencies by market cap.
ETC’s rally comes because the broader crypto market has been performing properly during the last 24 hours. The overall 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 properly up to now right this moment. 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).
Because of the Merge, the Ethereum blockchain will not help miners. Miners on the community can be pressured to maneuver to different blockchains, and Ethereum Traditional is without doubt 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 robust bullish momentum for ETC in the mean time.
The 14-day relative power 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 might 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 might try to succeed in the $54 resistant mark for the primary time since March 2022.
[ad_2]
Source link
