Ethereum Traditional is the best-performing cryptocurrency amongst the highest 20 cryptocurrencies by market cap immediately.
The cryptocurrency market is performing positively immediately after beginning the week in a poor trend. The market is up by 1.5% within the final 24 hours, with the entire market cap nonetheless above the $1 trillion degree.
Bitcoin has taken benefit of the continued market efficiency to rally previous the $23k resistance degree. Ether is buying and selling above $1,600 as soon as once more after including greater than 3% to its worth over the past 24 hours.
Nevertheless, ETC, the native token of the Ethereum Traditional blockchain, is one of the best performer within the prime 20 cryptocurrencies by market cap.
ETC has added greater than 10% to its worth previously 24 hours, outperforming the opposite main cryptocurrencies within the course of.
Ethereum Traditional has been performing excellently because the Ethereum neighborhood introduced that ETH 2.0 (Merge) is coming quickly. ETH 2.0 will see Ethereum grow to be a proof of stake protocol.
This may immediate Ethereum miners emigrate to the Ethereum Traditional blockchain, which continues to take care of its proof of labor mechanism. ETC has added greater than 35% to its worth within the final seven days and will rally greater quickly.
Key ranges to observe
The ETC/USD 4-hour chart is constructive as Ethereum Traditional has been performing excellently in latest days.
The MACD line stays above the impartial zone, indicating bullish momentum for the cryptocurrency.
The 14-day relative energy index of 53 reveals that ETC may enter the overbought area if it continues with its present trajectory.
At press time, ETC is buying and selling at $36.80. If the bullish momentum is maintained, ETC may prime final week’s excessive of $43 over the approaching hours or days. Nevertheless, it may need the help of the broader crypto market to succeed in the $50 mark for the primary time since March.