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- 1 ETHW price prediction suggests a temporary pullback rally is possible.
- 2 EthereumPoW price struggles to climb above the 50-day EMA.
- 3 ETHW crypto price is trading near its yearly low.
ETHW price prediction is bullish for the short-term period and suggests a rise.
EthereumPoW price has spent quite a long time in the narrow range between $1.2000 to $1.4000. It is consolidating for the base formation and buyers are trying their best to defend the lows.
ETHW crypto price is in a strong downtrend and trading below both the EMA. Buyers tried multiple times to pull the price above the 50-day EMA to reverse the short-term trend. But the price kept on facing rejection and traded in the bears’ grip.
The price pattern of EthereumPoW crypto looks bearish. But until the price slips below the lower range, it will be risky to create fresh short positions.
In the past few months, a massive spike in the buying volume was visible and prices also reacted violently. It indicates that speculative activities are high so investors must be careful and wait for the confirmation of an upside reversal.
ETHW price is trading at $1.2022 with an intraday decline of 2.26%. The 24-hour volume to market cap is 2.19%. The ETHW/BTC pair is trading at $0.00004238 with an intraday decline of -2.53%.
Will the ETHW Price Expand the Range Upward in November?
ETHW price prediction suggests the crypto price is near to the crucial support so a relief rally may trigger anytime.
EthereumPoW price has corrected a lot from its swing high so short sellers may look to book the profits which will increase the possibility of pullback.
Till the ETHW crypto sustains above the $1.2000 level, bulls will remain active and try their best to break the range upward. However, buyers will gain confidence when the price is sustained above the 50-day EMA.
The technical analysis suggests that investors must wait for upside-range expansion before building up a long position.
EthererumPoW Price Near Four Months Low
EthereumPoW price is trading near its four-month low. Previously, when the ETHW price retested the $1.2000 level, the wild short-covering rally was triggered. So, if the overall crypto market recovers then ETHW crypto might again repeat the previous pattern.
The MACD curve slopes sideways indicating that a more range-bound session is possible. The RSI at 37 slopes down denotes weakness but if prices decline further the RSI may enter oversold territory.
Conclusion
ETHW price prediction is bullish for November 2023. The crypto price has consolidated a lot near yearly lows and buyers are trying their best to rebound. The technical analysis suggests that the EthererumPoW price is oversold so a temporary pullback rally is possible.
Technical Levels
- Resistance levels: $1.8614 and $2.0429
- Support levels: $1.2000 and $0.9000
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only. They do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
Steve Anderson is an Australian crypto enthusiast. He is a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralisation, understanding the true potential of the blockchain.
