EthereumPoW (ETHW) Falls by 78.56% since Ethereum Merge

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• EthereumPoW(ETHW) decreased by 11.38% during 24 hours.
• The critical support was found at $5.7515.
• According to CoinMarketCap, the price of ETHW hovers around $5.9.

As of writing this article, the 50-day moving average is $6.304, and the 25-day moving average of EthereumPoW(ETHW) is $6.149. These levels may serve as significant resistance levels shortly since prices are expected to fall in the next few days. The RSI value currently sits at 48.84, closely moving near 50, meaning that we can expect the price to have a higher reversal and rise.

ETHW/USDT 1-Hour Chart (Source: TradingView)

When the Bollinger bands on a daily chart begin to narrow, it usually means that market volatility has subsided. The lower band is $5.715, and the upper band is $6.338. The prices are likely to bounce between these two levels soon. It’s not just the price falling; the MACD histogram also points downwards, showing that bears are gaining ground.

ETHW/USDT 1-Hour Chart (Source: TradingView)

Above is the 1-hour analysis chart of ETHW/USDT. The above chart states that ETHW hasn’t formed a precise pattern to take trade yet, but is still trading inside its resistance and support zone. If the price breaks its current trendline and rises higher, the price can reach up to its significant area of resistance which sits around $8.

If the price cannot resist the current trendline and reverses to the bottom, it can touch its previous bottom of $4.22. According to CoinMarketCap, ETHPoW is now trading at $5.93, a 43.74% increase from its all-time low of $4.22, taken on September 19, 2022.

Disclaimer: The views and opinions, as well as all the information shared in this price prediction, are published in good faith. Readers must do their research and due diligence. Any action taken by the reader is strictly at their own risk. Coin Edition and its affiliates will not be held liable for any direct or indirect damage or loss.

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