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- The coin is trading above the demand zone.
- The pair of ETHW/USDT is trading at the price level of $3.7149 with a decrease of -1.63% in the past 24 hours.
After a strong up move the ETHW coin has again retraced to its demand zone to take support and bounce back to continue the uptrend. It remains to be seen if the bulls can continue the uptrend or not.
ETHW coin on the 4 hour chart
The coin is trading above the demand zone and the bulls are not letting the bears push down the price of the coin below the demand zone. As we can see on the 4 hour chart, the ETHW coin is currently trading at $3.7149 with a loss of -1.63% in the past 24 hours. The coin is trading below its key Moving Averages which are 50 EMA and 200 EMA. (Red line is 50 EMA and the blue line is 200 EMA). In order to continue the uptrend the coin needs to break above the $3.9644 resistance level.
Relative Strength Index: The RSI curve of the asset is currently trading at 41.10 and is rising in value as the coin bounces off the demand zone. The RSI curve has crossed the 14 SMA upward indicating bullishness. If the bulls are able to continue the momentum and drive the coin price higher in the coming days then the value of the RSI curve will rise even further.
Analyst view & Expectations
The bulls must overcome many obstacles in order to continue the uptrend, such as the 50 and 200 EMAs and the $3.9644 resistance level. Investors who want to buy now can do so as the coin has sustained above the demand zone and the one who wants to trade safely can wait for the coin to cross and sustain above the EMAs and then buy. Intraday traders, on the other hand, have a good opportunity to go long and book profits based on their risk-reward ratios.
According to our current Ethereum PoW (ETHW) price projection, the value of Ethereum PoW (ETHW) is expected to climb by 19.09% in the coming days, reaching $ 4.46. Our technical indicators indicate that the current sentiment is bearish, with the Fear & Greed Index reading 50. (Neutral). Over the previous 30 days, Ethereum PoW had 16/30 (53%) green days and 6.95% price volatility.
Technical Levels
Major support: $3.6062
Major resistance: $3.9644
Conclusion
The coin has bounced off the demand zone and is forming a bullish chart pattern as per the price action. Investors who want to buy now can do so by keeping a stop loss and managing their risk to reward ratio.
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.
With a background in journalism, Ritika Sharma has worked with many reputed media firms focusing on general news such as politics and crime. She joined The Coin Republic as a reporter for crypto, and found a great passion for cryptocurrency, Web3, NFTs and other digital assets. She spends a lot of time researching and delving deeper into these concepts around the clock, and is a strong advocate for women in STEM.
