The cryptocurrency market has continued its constructive efficiency this week as BTC and others rally greater.
The cryptocurrency market has carried out effectively over the previous few hours. The complete cryptocurrency market cap stays above the $1 trillion mark as the broader market added greater than 2% to its worth in the final 24 hours.
Bitcoin maintains its worth above the $22k resistance stage and is up by greater than 10% in the final seven days. Ether lastly crossed the $1,500 psychological stage after including greater than 5% to its worth in the final 24 hours.
However, ETC, the native token of the Ethereum Classic blockchain, is the finest performer amongst the high 50 cryptocurrencies by market cap. ETC is up by greater than 19% in the final 24 hours, outperforming the broader cryptocurrency market in 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 may implement the Merge inside September.
If that occurs, miners on the Ethereum community may migrate to Ethereum Classic as ETC nonetheless makes use of a proof of labor protocol.
Key ranges to observe
The ETC/USD 4-hour chart is bullish as Ethereum Classic has been performing excellently over the previous few days.
The MACD line crossed into the constructive zone over the weekend and has maintained its place there, indicating bullish momentum.
The 14-day relative power index of 88 reveals that ETC is at the moment in the overbought area.
At press time, ETC is buying and selling at $25. An prolonged rally over the subsequent 24 hours may see ETC break previous the $30 resistance stage. However, it could want the assist of the broader cryptocurrency market to succeed in $35 for the first time since April 2022.
If the bears take management of the market, ETC may lose its assist stage at $21 over the subsequent few hours. However, ETC ought to comfortably defend its place above the $17 assist stage in the quick time period.