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- EthereumPoW crypto price reclaimed 50 day EMA and bulls are attempting to breakout of $4.0000 hurdle level
- ETHW price had formed a double bottom pattern and trading near the neckline resistance
- ETHPow had formed a giant bullish candle in the previous week and close with the increase 20%
EthereumPow crypto price is trading with bullish cues and bulls are trying to hold the prices above the 50 day EMA. According to Coinglass, In the last 12 hours ETHW Long and Short ratio stands at 0.80 denotes bearish sentiment but price action seems to be indicating the opposite direction. Currently, The pair of ETHW/USDT is trading at $3.8365 with an intraday gains of 2.47% and the 24-hour volume to market cap ratio at 0.0295.
EthereumPoW price failed to attract investors’ money ?
On a daily time frame, EthereumPoW prices are in a slow and steady rise and trying to reverse the short term trend in the favor of bulls. In December bulls once attempted to break out of the $4.000 hurdle level but got rejected indicating the sellers are active on higher levels. Later ETHW prices consolidated near the demand zone $3.000 and reversed upwards while forming higher high candles.
ETHW prices are forming a double bottom pattern and attempting to break out of the $4.1774 neckline resistance which can trigger the positive sentiment and can take the prices towards the $5.0000 level. However as of now, The 50 day EMA (yellow) will be acting as savior for bulls and if prices slipped below 50 day EMA the next support will be at $3.2000 level.
ETHW prices had not participated in the recent rally which has disappointed the investors but prices seem to be gaining the momentum and bulls are likely to break out of $4.1774 resistance in the coming months. The MACD has generated positive crossover indicating the bullishness may continue in the coming days and the RSI at 64 denotes the strength of buyers at the lower levels.
Summary
The EthereumPoW prices have reversed upwards and bulls are trying to break out of the neckline resistance but it seems prices need consolidation for further upwards movement. The technical analysis suggests that prices are in the favor of bulls and any minor correction will provide an opportunity for investors to accumulate at lower levels. However, if prices slipped below $2.8000 bears may try to drag the prices down towards $2.0000 level.
Technical levels
Resistance levels : $4.5000 and $5.0000
Support levels : $2.8378 and $2.5000
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only, and they do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
Nancy J. Allen is a crypto enthusiast, with a major in macroeconomics and minor in business statistics. She believes that cryptocurrencies inspire people to be their own banks, and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning. She frequently researches, and posts content on the top altcoins, their theoretical working principles and technical price predictions.
