Looking out for Ethereum’s fork – how is ETHW performing after the merger?

EthereumPoW (ETHW) is a hard fork of Ethereum blockchain with the Ethereum Merger.
The price of ETHW forms a diminishing resistance line.

After the merger, which shifted Ethereum from PoW to PoS and that gave birth to another hard fork, i.e., EthereumPoW (ETHW). At the time of the merger, the reports showed the estimated value of the Ethereum mining industry to it either fell or rose $19 billion and mining rigs to go obsolete. Obviously, Ethereum miners were inclined to put their resources to work elsewhere, to which Vitalik Buterin suggested they could go for Ethereum classic, but that did not attract the miners.

Instead, they demand another fork, EthereumPoW, which would technically be a fork of a fork. But this ETHW came along with some issues. First, ETHPoW would retain some value initially. Consider the fork like an airdrop of ETHPoW to ETH holders. However, bots could drain all liquidity pools and extract all the value in the ecosystem. Second, the scheme brings crypto’s ugly truth into the spotlight. That of self-interest and using uninformed users for exit liquidity.

Was this decision profitable? Not really. Because the value has been on the down trail almost all the time it’s been in existence and has fallen by more than 90%, it’s evident that the fork can be named as a failed attempt.

The chart story

The ETHW has consistently formed a falling resistance trend and marked lower highs repeatedly. The participation is seen being forfeited as the holders realize that this protocol only benefits the miners, that too in bits and pieces. Once this token was traded at $40, and now it has fallen to a single-digit valuation, narrowing the hopes of the holders. The volume displays gloomy sentiments as it records descending histograms.

The CMF indicator goes flat below the baseline and has not been successful in marking a solid uptrend since genesis. The chances of the same are null, and the falling pattern may continue to be formed. The RSI indicator has never been able to cross the half line and witness active buyers. Rather has always oscillated around the brim of going oversold. The MACD indicator currently shows some buyers participating in the market but are not invested enough to call it a buying spree, as the lines perform below the zero-mark histogram.

The recent hours

The price in the recent hours moves sideways. The CMF indicator slides up slightly but may soon retrace to the negative zone. The MACD indicator tangles and turns neutral as the buyers withdraw their participation gradually. The RSI tried moving up to the higher ranges, but unfortunately the buyer has moved to saying goodbyes and shifting to other tokens with more potential.

Conclusion

The market for ETHW displays every characteristic of being a “failure fork,” as it totally forgot why the merger was needed in the first place. We can see a glimpse of the Darwin theory– “survival of the fittest,” as change is the only constant, and the one that refuses to mend ways always collapses.

Technical levels

Support levels: $3 and $1

Resistance levels: $6 and $11

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 financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.

Andrew is a blockchain developer who developed his interest in cryptocurrencies while his post-graduation. He is a keen observer of details and shares his passion for writing along with being a developer. His backend knowledge about blockchain helps him give a unique perspective to his writing