September 25, 2022

Home Ethereum Ethereum Traditional soars 100% in 9 days outperforming ETH as 'the Merge' approaches – Cointelegraph

Ethereum Traditional soars 100% in 9 days outperforming ETH as 'the Merge' approaches – Cointelegraph

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Ethereum’s transition to proof-of-stake may very well be a boon for the value of Ethereum Traditional.

Altcoin Watch

Ethereum Traditional (ETC) has been outperforming its arch-rival Ethereum’s native token Ether (ETH) through the present crypto market rebound with the ETC/ETH pairs at 10-month highs.

Why is ETC beating ETH?

ETC’s worth has risen to $27 on July 22, amounting to a 100% achieve in 9 days after bottoming out at $13.35. Comparatively, ETH’s worth has seen a 64% rally in U.S. greenback phrases.

ETC/USD versus ETH/USD each day worth chart. Supply: TradingView

Ethereum’s rebound has been among the many sharpest among the many high cryptocurrencies, primarily because of the euphoria surrounding its potential network upgrade in September.

Dubbed “the Merge,” the long-awaited technical update will swap Ethereum from proof-of-work (PoW) to proof-of-stake (PoS).

Furthermore, it is going to exchange miners with stakers. Because of this, the PoS swap might power current Ethereum miners to modify to PoW chains.

Unsurprisingly, Ethereum Traditional is the closest to Ethereum when it comes to community design and compatibility as a result of Ethereum Traditional is the legacy chain split from Ethereum following a contentious onerous fork in July 2016. 

Speculators are thus anticipating Ethereum Traditional to turn out to be the primary selection for miners migrating from Ethereum, and that is doubtless one of many primary causes ETC’s current worth surge. 

ETC worth technicals lean short-term bearish

From a technical standpoint, Ethereum Traditional has been reeling below the strain of its 200-day exponential transferring common (200-day EMA; the blue wave within the chart beneath) close to $27.35.

ETC/USD each day worth chart. Supply: TradingView

ETC/USD has witnessed a robust bearish rejection close to the wave resistance on July 19, confirmed by the most important spike in its each day buying and selling quantity in nearly a yr. As well as, the rejection got here after testing the 0.382 Fib line at round $27.47 as resistance.

Associated: All ‘Ethereum killers’ will fail: Blockdaemon’s Freddy Zwanzger

ETC now consolidates contained in the $22–$25 worth vary with its interim bias skewed towards the draw back as a result of an “overbought” relative strength index (RSI).

ETC eyes a decline towards its 50-day EMA (the pink wave) close to $19 if it decisively breaks beneath $22—over 25% decrease than July 22’s worth.

Conversely, a profitable break above $25 and the 200-day EMA might have ETC’s worth rally over $30.

The views and opinions expressed listed below are solely these of the creator and don’t essentially mirror the views of Each funding and buying and selling transfer entails danger, it is best to conduct your individual analysis when making a call.

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