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- 1 EthereumPoW price trades at $2.217 while observing a loss of -0.63% during the intraday session.
- 2 ETHW price has positively crossed 20 and 50-day EMAs.
- 3 One month’s return of EthreumPoW is 14.84%.
The bullish rally for ETHW price started at the beginning of 2023 when the price started to rise from the low of $2.92. This rally led to the formation of a yearly high at $5.40 but the price could not sustain above $5 and retraced back to close at the $4.70 level. There was an increased participation of bears at the $5 level.
At the end of April 2023, the price finally broke the major support of $2.94, and yearly lows to head down toward $2. The cryptocurrency price then consolidated near the $2 level at the start of June 2023. The price melted below $2.
Recently, ETHW price formed support at $1.43 for initiating a bullish rally to recover from losses caused in June 2023. The price gained bullish momentum and has crossed above the $2 level. EthereumPoW price is facing rejection from the $2.26 level.
The previous candle has closed as a strong bullish candle and the current candle needs to break the upper wick of the previous candle in order to rise toward the next resistance level of $2.80.
If bears jump into the market, there is a probability that the price might head down toward the recently formed support of $1.825 soon. For the price to rise toward the $2.80 resistance, it needs to break and close above the $2.26 level. The market capitalization of EthereumPoW has increased by 10.89% to $239 million and 24-hour trading volume is up by 111.69%. The price is down by 98.43% from the all-time high of $141.36.
Will ETHW Price Sustain Above the $2 Level?
The ETHW price has crossed above the 20 and 50-day EMA suggesting that there is a rise in bullish momentum and buyers have started to enter the market to protect the price from further downfall. Chaikin money flow score is 0.11 indicating strength in the market. RSI has crossed the 50 mark and trades at 59.63 implying that the price possesses bullish momentum.
The ETHW price has reached the upper band of bollinger and there is the possibility of a slight pullback toward the 20-day SMA of bollinger for it to rise further. The bollinger bands have expanded suggesting high volatility in the market. The long-short ratio is 0.90 with 47.51% longs and 52.49% shorts indicating that there are more buying positions in the last 24 hours.
Conclusion
The market structure and price action of EthereumPoW is bullish but the price is facing resistance from $2.26. The technical parameters suggest that there is active participation of bulls in the market. For the EthereumPoW price to head toward the $3 level, it needs to break and close above the $2.26 level.
Technical levels
Major support: $1.43 and $1.85
Major resistance: $2.80 and $2.94
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.