EthereumPOW (ETHW) has been on a winning streak lately, with its value rising 7.50% from the former candle close–a 45% increase for the year so far. On Tuesday, ETHW peaked at $4.32, while the price currently sits at $3.94 for a 3.50% gain so far today.
Will the current market stall eat into ETHW’s price or will the crypto be able to sustain its upward trajectory?
EthereumPoW (ETHW) Price Prediction and Technical Analysis
Although the current crypto market retrace for the day does have a chance of putting a damper on the ETHW price, according to technical indicators, it may still be in a bullish trend if the wider market can find support.
Exponential Moving Average (EMA): ETHW Price Prediction
The 20-day EMA for ETHW’s price is currently at $3.531, the 50-day EMA at $3.658, and the 100-day EMA at $4.842. With ETHW’s price currently trading at $3.94–above the 20-day and 50-day EMA –this suggests that the market trend is bullish at least for the short to medium-term future.
Relative Strength Index (RSI) for ETHW Price Prediction
Currently, the RSI is sitting at 64.90–showing that the cryptocurrency is already retracing from its previous high point of RSI 78.76 yesterday. This could result in the coin dropping to an RSI level of 60 as ETHW seeks support at a lower price point.
Moving Average Convergence Divergence (MACD)
The MACD indicator is suggesting a bullish trend for ETHW, with the MACD line currently at 0.174, the histogram at 0.088, and the signal line at 0.086. This indicates that the cryptocurrency is currently in an uptrend.
Volume, Price Action, Support, and Resistance for ETHW Price Prediction
The volume for ETHW is 2.126 million while the volume moving average is 1.056 million. With the cryptocurrency down for the day so far, this indicates a strong rejection around the immediate resistance level of $4.015 to $4.224.
If ETHW manages to break out of its current resistance levels of $4.015 and $4.224, a further 28%-43% gain might be expected with a psychological barrier placed at the mark of $5, followed by an additional resistance range between $5.406 to $5.50. Support stands at the Fibonacci retracement level of 0.382 set around $3.756 and the 50-day EMA at $3.658
As of now, it seems unlikely ETHW will close the day above $4 given its consistent rejections below this level over the past few days. However, should a wider market rally occur and provide momentum, we could see ETHW breach this resistance point once again.
An Alternative to ETHW
While ETHW is a promising crypto project with a relatively high market cap, diversifying investments into lower cap assets with plenty of upside can be beneficial. MEMAG, an up-and-coming coin with strong fundamentals, is presently in presale and could provide excellent growth potential for those willing to invest now.
What is EthereumPoW (ETHW)?
EthereumPoW (ETHW) is a hard fork of the Ethereum network that aims to provide an alternative avenue for Proof-of-Work (PoW) mining. The Ethereum network recently transitioned from a PoW consensus mechanism to Proof-of-Stake (PoS) through an update known as “The Merge”, which aimed to reduce energy consumption and improve scalability. However, some Ethereum miners were unhappy with the update and believed it posed a risk to their earning potential, leading to the creation of the EthereumPoW hard fork.
The ETHW token is an alternative cryptocurrency that is distributed through mining on the EthereumPoW network. The ETHW community is made up of miners and supporters of the PoW consensus mechanism who believe that it is a more secure and decentralized method of validation.
The EthereumPoW hard fork has its roots in the 2016 Ethereum Classic hard fork, which occurred after a smart contract exploit known as “The DAO” hack. The hack resulted in a disagreement within the Ethereum community about the future of the network and a philosophical divide among members, ultimately leading to the split of the Ethereum blockchain into two separate chains; Ethereum and Ethereum Classic.
The future of the EthereumPoW project remains uncertain, but it offers an alternative option for miners who believe in the benefits of PoW and want to continue mining on the Ethereum network. As for the ETHW price prediction, that’s anyone’s guess.
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