Ethereum Proof of Work (ETHW) is trading within a short-term bearish pattern below two important horizontal resistance levels.
After the Ethereum (ETH) merger went live, some miners decided to stick around to support the proof-of-work (PoW) consensus.This created a new fork and launched ETHW Mainnet. ETHW is a layer 1 blockchain that retains the pre-merger PoW consensus.So far, more than 20 active mining pools Focus on ETHW.
The transition has not been entirely smooth so far because of issues Proposed chain ID, which appears to have been used by the Bitcoin Cash testnet. This in turn leads to a replay attack, where the same transaction is recorded twice.
Tuesday, Binance done The combined distribution of Ethereum proof-of-work tokens to eligible ETH holders. Now, ETHW deposits and withdrawals are also open. This, in turn, led to a surge in prices, which continues.
ETHW has been rising since hitting a low of $3.88 on Monday. However, the upward movement has so far been contained within the rising wedge, which is considered a bearish pattern. Most recently, the price was rejected by the wedge resistance line (red icon) on Tuesday.
In the event of a wedge breakdown, the nearest support area will be between $5.25 and $5.65, created by the 0.5-0.618 Fib Retracement support.
Future ETHW Movement
Watching the slightly longer move shows that it is trading near all-time lows with no horizontal support below current prices.
Additionally, there are two key resistance levels at $8.30 and $10.40. Combined with a bearish short-term pattern, these make it unlikely to initiate a rally in the near future.
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