EthereumPoW price crashed to an all-time low as investors reacted to the successful Ethereum Merge. The fork crashed to a low of $8.42, which was substantially lower than its all-time high of $61. This means that it has fallen by almost 80% from its all-time high. So, what is ETHPoW and is it a good investment?
What is EthereumPoW?
This was a big week for Ethereum, the second-biggest blockchain project in the world after Bitcoin. On Thursday, developers concluded the long and winding process of The Merge. This was a process that combined the proof-of-work platform with the Beacon Chain. As a result, Ethereum has moved from being an extremely carbon-intensive platform into a clean proof-of-stake network.
While most developers have welcomed the shift, some believe that PoW was a better platform in terms of security. This explains why PoW cryptocurrencies like Ethereum Classic and Ravencoin have done well in the past few weeks.
EthereumPoW is a new cryptocurrency that aims to fill the gap left by Ethereum. It is an Ethereum clone that will continue existing as a proof-of-work platform. Still, it is too early to determine whether the platform will be successful or not. ETHW is the cryptocurrency for this platform, just as ETH is the currency for Ethereum.
At the same time, ETHPoW holders believe that the coin and its ecosystem will avoid any regulatory issues that the new Ethereum will face. In a statement, Gary Gensler of the SEC said that the new version of Ethereum could be termed a security because of its staking features.
Last week, members of the community voted to completely respect the current ETHW ledger and committed not to introduce any regulatory or centralized technology. They also committed to ensure that the ecosystem will be 100% decentralized and to respect all individuals, DAO, and institutional wallets. Several exchanges have already listed ETHW. Some of the places you can buy the coin are Bitrue, OKX, MEXC, and Bybit.
EthereumPoW price prediction
The four-hour chart shows that the ETHW price has been in an overall bearish trend in the past few weeks. This sell-off culminated in a major dive after the Ethereum Merge. It crashed to a low of $8.5 and moved below all its moving averages. The momentum indicator slipped while the Awesome Oscillator dropped below the neutral point.
Therefore, there is a likelihood that ETHW will attempt to rebound as buyers attempt to retest the next key resistance at $18.75. However, a drop below the support at $10 cannot be ruled out as the coin remains in a price-discovery mode.