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- 1 ETHW price prediction suggests that big players have turned bullish in ETHW and a significant rise is possible.
- 2 EthereumPoW price rose by 120% in November.
- 3 The sudden rise in ETHW crypto buying volume positively impacts the price.
ETHW price prediction suggests that big players are active and they are expecting an outperformance in the coming months.
EthereumPoW price was up by 120% in November and succeeded in breaking out of the $2.500 and $3.000 hurdles. The steep rally is supported by more than average buying volume which increases the reliability of the breakout.
Moreover, it also shows that crypto whales are building longs and expecting the rally to continue in 2024.
ETHW prices woke up after five long months of consolidation so it grabbed the attention of the new participants. Along with the big players, the retail and new market participants also seem to be participating in the rally.
It triggered the positive sentiment and added fuel to the rally. The 50-day and 200-day EMA is sloping upward and the price is sustaining above that showcasing an uptrend.
However, the ETHW price looks mildly overstretched. So, a narrow-range consolidation is needed for price stability.
Currently, the EthereumPoW price is trading at $3.141 on a flat basis. In the last 24 hours, the price is up by 21% and the volume to market cap stands at 20.68%.
Will the Rally in ETHW Price Continue in December?
ETHW price prediction favors the bulls and suggests the rally has just begun and more scope of upside is open.
At present, prices are near the eight-month high and buyers are attempting to break out of the $3.500 hurdle. If they succeed, then 20% more upside will open and the price may reach $4.00.
On the other hand, if the EthereumPoW price faces rejection, then it may retrace back to the EMAs. The technical analysis suggests that the ETHW crypto price is in an uptrend and may continue the momentum in December.
EthereumPoW Price Analysis: Is it a Good Time To Buy?
EthereumPoW price is forming a bullish pattern on multiple timeframes. It rose for six consecutive trading sessions and generated decent returns for short-term traders.
The positive momentum is still intact so investors may look to buy more for the long term. If any minor profit booking triggers, then it will provide a good opportunity to accumulate.
The MACD curve showed a steep rise indicating the strength of the bulls. However, the RSI at 89 entered into the overbought territory increasing the risk of correction.
Conclusion
ETHW price prediction is highly bullish for December as well as for 2024. The chart pattern shows that the rally has just begun and more upside is pending. The analysis suggests that EthereumPoW will continue the momentum and may go beyond $4.00 by December end.
Technical Levels
- Resistance levels: $4.219 and $4.500
- Support levels: $2.372 and $1.949
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.
Adarsh Singh is a true connoisseur of Defi and Blockchain technologies, who left his job at a “Big 4” multinational finance firm to pursue crypto and NFT trading full-time. He has a strong background in finance, with MBA from a prestigious B-school. He delves deep into these innovative fields, unraveling their intricacies. Uncovering hidden gems, be it coins, tokens or NFTs, is his expertise. NFTs drive deep interest for him, and his creative analysis of NFTs opens up engaging narratives. He strives to bring decentralized digital assets accessible to the masses.
