Ethereum Basic is the best-performing cryptocurrency amongst the highest 20 cryptocurrencies by market cap at the moment.
The cryptocurrency market is performing positively at the moment after beginning the week in a poor style. The market is up by 1.5% within the final 24 hours, with the whole market cap nonetheless above the $1 trillion stage.
Bitcoin has taken benefit of the continued market efficiency to rally previous the $23k resistance stage. Ether is buying and selling above $1,600 as soon as once more after including greater than 3% to its worth during the last 24 hours.
Nonetheless, ETC, the native token of the Ethereum Basic 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 Basic has been performing excellently because the Ethereum neighborhood introduced that ETH 2.0 (Merge) is coming quickly. ETH 2.0 will see Ethereum change into a proof of stake protocol.
It will immediate Ethereum miners emigrate to the Ethereum Basic blockchain, which continues to keep up its proof of labor mechanism. ETC has added greater than 35% to its worth within the final seven days and will rally larger quickly.
Key ranges to observe
The ETC/USD 4-hour chart is constructive as Ethereum Basic has been performing excellently in current days.
The MACD line stays above the impartial zone, indicating bullish momentum for the cryptocurrency.
The 14-day relative power 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. Nonetheless, it may need the assist of the broader crypto market to achieve the $50 mark for the primary time since March.
by way of Cointojournal