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ETHW Price Analysis: Token to continue the upward trend?

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  • The token is finding support at the 50 EMA.
  • ETHW token is trading above its key Moving Averages

Since the launch of the EthereumPoW (ETHW) token it has been trading in a downward trend forming lower highs and lower lows. The ETHW currency is a branch of the Ethereum blockchain formed by a Chinese miner after the execution and consensus layers merged.

ETHW token on the 4 hour chart

Source: TradingView

The token has broken above the resistance level, forming strong bullish candles with a big candle body. The ETHW token is currently trading at $4.2287, a loss of -0.37% in the last 24 hours, as seen on the 4 hour chart. The token has crossed and sustained above its key Moving Averages of 50 and 200 EMA. (Red line is 50 EMA and the blue line is 200 EMA). The token is currently finding support at the 50 EMA.

Relative Strength Index: The RSI curve of the asset is currently trading at 45.19 having crossed below the halfway mark of the 50 point line. The RSI curve’s value has decreased as the token’s price has fallen in recent days. The RSI curve has crossed below the 14 SMA, indicating bearishness. The token is expected to bounce off the 50 EMA and if it does then we can see the value of the RSI curve on rise again.

Analyst view & Expectations

After breaking above the resistance level with strong bullish momentum the token is going for a retracement and is currently finding support at the confluence of the 50 EMA and break out level. Inventors who want to buy should wait for the token to show signs of bullish momentum near 50 EMA to gain more confirmation on the direction of the trend. Whereas, intraday traders have a good opportunity to go short if the token breaks below the $4.1089 level and book profits as per their risk to reward ratio.

According to our current Ethereum PoW price prediction, the value of Ethereum PoW is expected to climb by 2.58% over the next few days, reaching $ 4.36. Our technical indicators indicate that the current sentiment is bearish, with the Fear & Greed Index reading 56. (Greed). Over the previous 30 days, Ethereum PoW had 17/30 (57%) green days and 9.05% price volatility. According to our Ethereum PoW forecast, now is not the time to buy Ethereum PoW.

Technical Levels

Major support: $4.1089

Major resistance: $4.5254 & $4.8078

Conclusion

The token is taking a retracement after a strong upmove, it remains to be seen if the bulls can continue the bullish momentum and drive the token price higher. Investors are advised to wait for a clear indication before acting.

Disclaimer: The views and opinions stated by the author, or any people named in this article, are for informational ideas only, and they do not establish the financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.

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