- EthereumPoW (ETHW) is a hard fork of the Ethereum blockchain with the Ethereum merger.
- ETHW price is forming a decreasing resistance line.
After the merger, which shifted Ethereum from PoW to PoS and created another hard fork namely EthereumPoW (ETHW). At the time of the merger, reports indicated that the estimated value of Ethereum’s mining industry had either fallen or risen by $19 billion and the mining machinery was outdated. Obviously, Ethereum miners were inclined to allocate their resources elsewhere, after which Vitalik Buterin suggested that they could go for Ethereum Classic, but that didn’t attract miners.
Instead, they are calling for another fork, EthereumPoW, which would technically be a fork of a fork. But this ETHW brought some problems with it. First, ETHPoW would initially retain some value. Think of the fork as an airdrop from ETHPoW to ETH holders. However, bots could drain all liquidity pools and extract all value in the ecosystem. Second, the scheme puts the ugly truth of crypto in the spotlight. That of self-interest and using uninformed users for exit liquidity.
Was this decision profitable? Not really. Since the value has been on the descent path almost all the time of its existence and has fallen by more than 90%, it is obvious that the fork can be called a failed attempt.
The chart history
Source: ETHW/USDT from Tradingview
ETHW has consistently formed a falling resistance trend, making repeated lower highs. Participation is deemed forfeit as holders realize that this protocol only benefits miners, even that in chunks and chunks. Once this token was trading at $40 and now it has fallen to single digit valuation, hurting holders’ hopes. Volume shows gloomy feelings while plotting descending histograms.
Source: ETHW/USDT from Tradingview
The CMF indicator is falling below the baseline and has not been successful in marking a solid uptrend since its inception. The probability of this happening is zero and the falling pattern can continue to form. The RSI indicator has never been able to cross the halfway line and observe active buyers. Rather always teetered around the edge of oversold. The MACD indicator is currently showing that some buyers are participating in the market but are not invested enough to call it a buying spree as the lines clip below the zero histogram mark.
the last hours
Source: ETHW/USDT from Tradingview
The course has been moving sideways for the past few hours. The CMF indicator is slipping slightly higher, but it might turn back into negative territory soon. The MACD indicator tangles and turns neutral as buyers gradually withdraw their holdings. The RSI has attempted to move into the higher areas but unfortunately the buyer has decided to exit and switch to other tokens with more potential.
Conclusion
The market for ETHW has all the hallmarks of a “failure fork” as it completely forgot why the merger was even necessary. We can take a look at the Darwin theory – “survival of the fittest” as change is the only constant and he who refuses to change ways always collapses.
Technical Levels
Support levels: $3 and $1
Resistance levels: $6 and $11
Disclaimer
The views and opinions of the author or those referred to in this article are for informational purposes only and do not constitute financial, investment or other advice. Investing in or trading in crypto assets involves risk of financial loss.
Andrew is a blockchain developer who developed his interest in cryptocurrencies while in college. He is a keen eye for detail and shares his passion for writing with his work as a developer. His backend knowledge of blockchain helps bring a unique perspective to his writing
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