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- ETHW/USDT is showing no signs of recovery as the price created a new all-time low
- ETHW/USDT has lost 94% in value so far
ETHW, which is a token of the native Ethereum Proof-of-Work blockchain, is 94.92% below the all-time high of $28 on the OKX exchange. Since the listing, the price is in a continuous downfall forcing the investors to exit their positions.
ETHW price is trading at $1.431 which is almost 94% below the all-time high of $28 on the OKX exchange. Investors are selling every time the price goes up. The price recorded a new low of $1.186 which was just a few days back. This indicates that there is no interest for buying and also a lot of buyers are trapped if they didn’t sell earlier.
Daily chart shows price at a crucial support
On the daily chart, ETHW is in a strong downtrend. As the price keeps on making new lows, investors lose hope for its recovery. As per the technical analysis, the level of $2.776 was an important support which was broken down in May and the price kept on falling as investors were afraid to hold their positions further.
At present the price is at a minor support zone. ETHW is currently trading in a bear market but the data is not enough to make future predictions. As the price creates new lows, it increases the uncertainty of the future and investors should research and decide whether to invest in it or not.
Short Term Charts represent consolidation
The 4H Chart is representing a strong downtrend with high-volume selling. At present price is consolidating above its local support zone. A break of this level could send the price down 19%. All the technical indicators suggest that the price is in a strong downtrend with no sign of buying. A recent bounce was observed just after the price created a new low however this cannot be sufficient to predict any reversal.
RSI: The RSI indicator is currently at 36.03 and the RSI has crossed the MA line towards the downside which is indicating that bears are controlling the market.
MACD: The MACD indicator briefly made a bullish crossover but is already losing momentum and is about to cross in the downward direction. MACD is below the zero line
200 EMA: As it is observed, on the 4hr, the price is trading below the 200 EMA(exponential moving average) which acts as a significant resistance. This is a clear indication of a downtrend where the sellers are in control and in order for a trend reversal, the price must break and trade above the 200 EMA.
Conclusion
ETHW has been sold continuously since its listing on OKX. There is not enough data to make any prediction. According to the price action price is in a strong downtrend and has lost almost 94% of its value so far. This creates uncertainty and it becomes difficult for the investors to make any investment decisions.
Technical levels
Support Levels:$1.186
Current Price: $1.431
Resistance Levels: $1.860
Disclaimer
The particular analysis is provided for informational purposes only. It should not be taken as financial, Investment, or any other advice. Investing in or Trading Crypto assets comes with a risk of financial loss. Please consider your circumstances and risk profile before making any investment decisions.
