After plunging late last week, bitcoin and ether traded sideways. Along with signals from the US Fed, “The Merge” in Ethereum is highly anticipated by crypto traders.
Ethereum was up over 3%, while Solana gained 2%. Polygon, BNB and Tron fell slightly.
The global cryptocurrency market capitalization was trading at $1.04 trillion, rising about 2% in the past 24 hours. However, total trading volume fell by more than 7% to nearly $65.46 billion.
Commenting on the RBI Governor’s remarks on crypto, Edul Patel, CEO and co-founder of Mudrex, said that RBI’s stance on cryptocurrencies has always been a bit rigid since 2018. But cryptos are capable of creating a more transparent environment for transacting using blockchain, he said. .
“It can help small investors transact with lower fees in a secure way. Cryptocurrencies can help diversify portfolios from traditional assets. They can also protect against inflation in times of financial crisis,” he added.
Tech View by Giottos Crypto Platform
ETC is the native token of Ethereum Classic, the hard fork of Ethereum, which uses smart contracts to host and support decentralized applications on its network. ETC is currently trading at $36.2, up 8% in the last 24 hours. The upcoming Ethereum merger seems to have revived interest in ETC as an alternative for miners.
After successfully breaching downward trendline resistance earlier in August and hitting a high of $45.68, ETC began to create a series of lower highs. It dipped below the trendline on a steep decline, but has now turned trendline resistance into support. However, the token is nowhere near its August highs.
While ETC’s outlook seems to be improving a bit, it lacks a clear indication of a trend reversal. It needs to break above the psychological resistance of $37 to gain momentum. The next resistance would be the 0.618 fib level at $40, although its technical indicators are presenting a neutral signal to buy. In the event of a downturn, the 0.236 fib level of $34.6 will serve as immediate support.
Resistance: $37.0, $40.0
Support: $34.6, $31.0