The cryptocurrency market has continued its optimistic efficiency this week as BTC and others rally increased.
The cryptocurrency market has carried out properly over the previous few hours. The overall cryptocurrency market cap stays above the $1 trillion mark because the broader market added greater than 2% to its worth within the final 24 hours.
Bitcoin maintains its worth above the $22k resistance degree and is up by greater than 10% within the final seven days. Ether lastly crossed the $1,500 psychological degree after including greater than 5% to its worth within the final 24 hours.
Nevertheless, ETC, the native token of the Ethereum Traditional blockchain, is the perfect performer amongst the highest 50 cryptocurrencies by market cap. ETC is up by greater than 19% within the final 24 hours, outperforming the broader cryptocurrency market within the course of.
The rally might be fueled by the upcoming Ethereum Merge. The merge occasion will see Ethereum fully migrate to a proof of stake protocol. The Ethereum builders might implement the Merge inside September.
If that occurs, miners on the Ethereum community might migrate to Ethereum Traditional as ETC nonetheless makes use of a proof of labor protocol.
Key ranges to look at
The ETC/USD 4-hour chart is bullish as Ethereum Traditional has been performing excellently over the previous few days.
The MACD line crossed into the optimistic zone over the weekend and has maintained its place there, indicating bullish momentum.
The 14-day relative energy index of 88 reveals that ETC is presently within the overbought area.
At press time, ETC is buying and selling at $25. An prolonged rally over the subsequent 24 hours might see ETC break previous the $30 resistance degree. Nevertheless, it will want the assist of the broader cryptocurrency market to succeed in $35 for the primary time since April 2022.
If the bears take management of the market, ETC might lose its assist degree at $21 over the subsequent few hours. Nevertheless, ETC ought to comfortably defend its place above the $17 assist degree within the brief time period.