ETC Outperforms Broader Market After 27% Rally

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Ethereum Classic is the top performer in the top 100 cryptocurrencies by market capitalization in the last 24 hours.

ETC, the original coin of the Ethereum Classic blockchain, is up more than 27% in the past 24 hours. This makes it the best performing among the top 100 cryptocurrencies by market capitalization.

ETC’s rally comes as the broader crypto market has performed well over the past 24 hours. Its total market cap is currently around $1 trillion, up over 2% today.

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Bitcoin, the world’s leading cryptocurrency, continues to struggle to get past the psychological level of $20,000 despite the broader crypto market performing well so far. BTC is up more than 1% in the last 24 hours.

The Ethereum Classic rally comes as the Ethereum community gets ready for the Merge event. During the Merge event, the Ethereum blockchain will migrate from a proof-of-work (PoW) mechanism to a proof-of-stake (PoS).

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As a result of the Merge, the Ethereum blockchain will no longer support miners. Miners on the network would be forced to move to other blockchains, and Ethereum Classic is one of the options available to them.

Main levels to watch

The ETC/USD 4 hour chart is extremely bullish as Ethereum Classic has outperformed the other major cryptocurrencies in the market.

The MACD line is deep in the positive zone, indicating strong bullish momentum for ETC right now.

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The 14-day relative strength index currently stands at 84, indicating that ETC is entering overbought territory very soon.

At the time of writing, ETC is trading at $40.60. If the rally continues, ETC could rise past last month’s high of $45.65 before the end of the day.

In the event of an extended bullish performance, ETC could attempt to hit the $54 resistant barrier for the first time since March 2022.