- The price of the coin is surging toward its resistance. What action will the bulls take next?
- The coin’s price is now rising by 3.32% and hovering at $3.88.
- The ETHW/BTC pair is at 0.0001612 BTC
The price of the coin is becoming much more volatile as the bulls and the bears both want to control the price of the ETHW, but both are putting obstacles in their way. Because of this price volatility, new investors are afraid to get into the market because the price of ETHW could move in any direction on a daily price chart. The bulls have to make a move to create new optimism for the investors. Now that the price has broken over the barrier, it is time to determine what the bulls’ next move will be. To allow the currency to reach its full potential, the bulls must break the bears’ backs.
The falling trajectory is now being followed by the Ethereum POW with a constant downward pace. The price of the currency is currently around $3.88, up 3.32%, but still in a bearish trend. The coin’s ups and downs can make it challenging for ETHW to reach its potential again. The primary support level of $3.67 may be approached by the price if a negative trend develops soon. Price drops might reach the secondary support level of $2.91 if the bearish trend is maintained. The price needs to be raised by the bulls in order for investors to profit over a specific time period. If the bulls are successful in resuming the upward trend, the coin’s potential will be realized. And the price may reach the primary resistance of $4.06 if bulls take it as a pinch of salt then the price may reach the secondary resistance of $4.43.
The amount of trade during the intraday trading session has reduced by about 26.43%, suggesting that the coin is being sold more aggressively. The volume of the ETHW is steadily declining, which suggests that there is growing pressure to sell short. To give the cryptocurrency some upward momentum, the purchasers must act.
The Technical Analysis of ETHW
The technical indicators indicate that the RSI is returning from neutrality and is going more into the overbought zone. The current RSI is 50.04, which is less than the 51.19 average RSI. Bulls put a lot of effort into pushing the RSI towards the overbought region. To move it towards neutrality, the bears must make an extra effort. The RSI is being pushed towards the overbought region by the bulls, though. The price of the currency is still above the 20,50 Exponential Moving Average and below the 100 Daily Moving Average.
Conclusion
The coin is following the bullish trend the bulls are trying hard to enter the trade. Previously the EThw price was falling under bearish dominance the coin is now on the surge to regain its potential the shift of ETH has been a drastic change for investors over POS and POW. ETHW is performing well since last few weeks investors have a lot of hope for ETHW
Technical Levels
Support Levels:$3.67 and $2.91
Resistance Levels: $4.06 and $4.43
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational ideas only. They do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.