After plunging late last week, bitcoin and ether traded sideways. Along with the cues from the US Fed, ‘The Merge” in Ethereum is much awaited by the crypto traders.
Ethereum rose more than 3 per cent, whereas Solana gained 2 per cent. Polygon, BNB and Tron were marginally down.
The global cryptocurrency market cap was trading at the $1.04 trillion mark, rising about 2 per cent in the last 24 hours. However, the total trading volume dropped more than 7 per cent close to $65.46 billion.
Expert Take
Commenting on RBI Governor’s remarks on crypto, Edul Patel, CEO and co-founder of Mudrex said RBI’s stance on cryptocurrencies has always been a little rigid since 2018. But cryptos are capable of creating a more transparent environment for making transactions using blockchain, he said.
“It can help small investors to make transactions with lower fees in a secured manner. Cryptocurrencies can aid in diversifying portfolios from traditional assets. They can also hedge against inflation in times of financial crisis,” he added.
Tech View by Giottus Crypto Platform
ETC is the native token of Ethereum Classic, Ethereum’s hard fork, which uses smart contracts to host and support decentralized applications on its network. ETC is currently trading at $36.2, up by 8% in the last 24 hours. Ethereum’s upcoming Merge seems to have rekindled the interest in ETC as an alternative for miners.
ET CONTRIBUTORSAfter successfully breaking above the downward trendline resistance earlier in August and reaching a peak of $45.68, ETC started creating a series of lower highs. It plunged below the trendline in a steep fall but has now flipped the trendline resistance into support. However, the token is far from reaching its August highs.
While ETC’s prospects seem to be improving a bit, a clear indication of a trend reversal is missing. It needs to break above the psychological resistance of $37 to gather further momentum. The next resistance would be the .618 fib level at $40, though its technical indicators present a neutral-to-buy signal. In case of a downturn, the .236 fib level of $34.6 will act as immediate support.
Major levels
Resistance: $37.0, $40.0
Support: $34.6, $31.0
