Knowledge from blockchain analytics platform, Messari, revealed that Ethereum Basic’s [ETC] hashrate reached an all-time excessive with a present hashrate of 45.98 H/s. The all-time excessive (ATH) in hashrate was logged six years after ETC miners mined the primary ETC block at a block top of 1,920,000.
In accordance with knowledge from CoinMarketCap, ETC traded at $40.44, with its worth rising by 26% previously 24 hours.
ETC gearing up for the Merge
With vital worth motion previously 24 hours, buying and selling exercise for the ETC coin additionally rallied considerably throughout the similar interval. On the time of writing, buying and selling quantity on the community was up by over 592%.
Within the final 24 hours, ETC buying and selling quantity stood at a complete of $2.8 billion, as per knowledge from CoinMarketCap. In accordance with Santiment, the final time ETC went this excessive in buying and selling quantity was a couple of month in the past.
Supply: Santiment
On a each day chart, shopping for strain for ETC was noticed on the rise, with key indicators positioned in uptrends. As of this writing, the Relative Energy Index (RSI) was at 63. Nevertheless, ETC’s Cash Circulate Index (MFI) was pegged at 67.
Though flat, with its dynamic line under the middle line at -0.03, if the momentum for getting strain is maintained, the coin’s Chaikin Cash Circulate (CMF) can cross the middle line northward.
Supply: TradingView
On the four-hour chart, each day merchants have taken to aggressively accumulating the #17 largest cryptocurrency. Its RSI was 78 at press time.
Furthermore, its MFI was within the overbought area at 93, whereas the coin’s CMF was above the middle line with a constructive studying of 0.26.
Supply: TradingView
On-chain evaluation
With the date of the Merge fastened and scheduled to be accomplished between 6 and 20 September, developmental exercise on the ETC community has declined persistently within the final month.
In accordance with knowledge from Santiment, previously 30 days, developmental exercise dropped by 14%. As of this writing, it stood at 2.78.
Supply: Santiment
Moreover, on a social entrance, not a lot traction has been made within the final month. At 1.498% at press time, ETC’s social dominance fell by 12% throughout the 30-day interval. Its social quantity additionally went down by 66% throughout the similar interval.
On a 30-day shifting common, traders stay skeptical about ETC’s worth motion as weighted sentiment posted a adverse worth of -0.29.
Supply: Santiment