ETH is up by 6% today ahead of the Merge

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Ether is up over 6% in the last 24 hours as the Ethereum community prepares for the upcoming merge event.

ETH, the native token of the Ethereum blockchain, is up over 6% in the past 24 hours. Thus, it is the best performer among the top 10 cryptocurrencies by market cap.

Ether’s rally comes as the broader crypto market has been performing well over the past 24 hours. The total market cap is currently around $1 trillion, up over 2% today.

Despite the broader crypto market performing well to date, Bitcoin continues to struggle to move beyond the $20k psychological level. BTC has increased its value by over 1% in the last 24 hours.

Ether’s positive performance comes as the Ethereum community gears up for the merge event. The merge event will see the Ethereum blockchain migrating from a proof-of-work (PoW) mechanism to a proof-of-stake (PoS).

The merge is due between September 10-20, which means it’s only a few days away. Transition is designed to make the Ethereum network faster, more scalable, and reduce transaction costs.

prime level to watch

ETH/USD 4-hours chart is bullish as Ether has been doing really well over the past 24 hours. The positive performance of ETH outperforms other major cryptocurrencies.

The MACD line entered positive territory yesterday, with the market turning bearish in recent days.

The 14-day RSI of 67 suggests that ETH is heading into overbought territory if the rally can be sustained.

As of press time, ETH is trading at $1,670 per coin. If the bulls remain in charge before the merger, ETH is likely to rise above the $1,782 resistance in the coming hours or days.

In a prolonged bullish situation, ETH may cross the psychological level of $2,000 for the first time this month.

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