ETH 2.0 Gets Closer, Ethereum Classic Keeps Rallying

ETH 2.0 Gets Closer, Ethereum Classic Keeps Rallying

August 3, 2022 0 By Jeanine Sanchez

Ethereum Classic is having the best performance among the leading 20 cryptocurrencies by their market capitalization today. The crypto market has a generally good performance today. This comes despite starting the week on a relatively poor note.

General Crypto Bullishness 

The crypto market has gone up by up to 1.5% over the past 24 hours. Importantly, its overall market capitalization stands firmly and well above the $1 trillion mark.

Bitcoin took a fast advantage of the current market growth to stage a rally beyond the $23,000 resistance area. Ethereum is now trading for more than $1,600 again after it has added more than three percent on top of its value within 24 hours.

However, the native crypto asset of the Ethereum Classic blockchain, ETC, is the performer of 20 leading cryptocurrencies by market capitalization. Ethereum Classic increased more than ten percent in its value over the last 24 hours. It outperforms every other asset in the market.

Ethereum Classic has been improving considerably well since it was announced that Ethereum was going to upgrade to its 2.0 Merge. It is scheduled to come up later in September. ETH 2.0 upgrade will change the Ethereum network from a proof-of-work to a proof-of-stake network.

ETC Pulls Weight on the Chart

This upgrade will make Ethereum miners migrate permanently to the Ethereum Classic platform. The Ethereum Classic blockchain keeps maintaining a proof-of-work. Ethereum Classic increased by more than thirty-five percent in its value within the past seven days and it is speculated to still rally higher. 

The ETC/USD four-hour position on the daily chart is positive since Ethereum Classic has had a good performance in the last couple of days. The moving average convergence divergence line stands above the zone of neutrality. It indicates a bullish move for the crypto asset.

The relative strength index for the 14-day measure indicates that Ethereum Classic might enter the overbought area. This is, however, contingent on it continuing on its current trajectory.

As of the time of this report, Ethereum Classic trades at $36.80. If the bullish momentum continues for a few hours or days, then Ethereum Classic might go beyond the height it reached last week at $43. 

But the token might need the aid of the general crypto market for it to reach the $50 area. If it does, that would be the first it reaches $50 since late March.