EthereumPoW (ETHW) was launched on Thursday September 15, but has fallen sharply since its listing despite the support of many exchanges.
After the launch of The Merge Ethereum (ETH), some miners decided to continue their activities and support the consensus of proof of work (PoW). This resulted in a new fork of the network, as well as the launch of the ETHW mainnet, a Layer 1 blockchain aimed at maintaining the PoW consensus from before The Merge.
Among the first crypto exchanges to list this new coin, we found FTX, Kraken, Bybit and Huobi. ETHW was distributed through an airdrop. And although some of the Ethereum mining pools, such as Etheremine, have chosen to cease operations, more than 20 active crypto mining pools are now focusing on EthereumPoW.
The transition has not been entirely problem-free, including a concern over the proposed channel IDwhich would already be employed by a bitcoin cash testnet.
Taking all these elements into account, it is interesting to look at the movement of the price of ETHW since its listing, which has so far proven to be bearish.
ETHW falls after listing
ETHW price has been declining below a falling resistance line from its inception day high at $27.90. The downward move led to a low of $11 hit the next day, before price rebounded.
This rebound, however, was short-lived, and price was rejected by the falling resistance line (red arrow) on the same day. ETHW has now all but relapsed to the $11 level.
From the bottom of the price, the rebound is contained in an ascending parallel channel. These channels usually contain corrective moves, which means that one would expect the price to fall below this pattern.
EthereumPoW fell well below this channel on Friday, September 16, and then validated it as resistance (red arrow). This agrees with the aforementioned descending resistance line.
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