Is the EthereumPoW Coin Price Able to Hold the $1.257 Level?

• The ETHW coin price has declined by over 87% in a year.
• The coin’s price is trading below the 50-day and 100-day Exponential Moving Averages.
• It is strongly holding the support level of $1.251.

The market capital of ETHW – $143.345 Million 

The current market price of ETHW – $1.3195

The ETHW Coin Overview

In the ongoing session, the price of the coin is trading with a decline of $0.0067 or 0.51%. The price of the coin has surged by just 1.58% in a week but declined by over 6% in a month. This signifies that the price is facing some selling pressure from the above level and buyers are present at the bottom. 

The coin price has declined by over 87% in a year, which shows that sellers have shown full dominance over the price throughout the year. This coin is consolidating in a range for more than a month signifies that both sellers and buyers have failed to dominate each other.

ETHW Coin’s price is taking support from the $1.257 level, which is also its previous swing low created by the coin in June 2023. This coin is trading inside the range of the 17th August candle. 

Technical Analysis of ETHW Coin 

The EthereumPoW Coin Price has formed a range as we have discussed above. This range is mentioned on the chart as resistance 1 and support for the upper and lower levels respectively. The next major resistance for the price is present at the level of $1.7900, marked as Resistance 2 on the chart.

The price declined massively in August as the price fell for 5 consecutive sessions. It has declined over 21% in just 5 days, which confirmed the presence of sellers at the upper level. Now the price is absorbing the selling quantity at the support level where many buyers are present.

The ETHW price is trading below the 50-day and 100-day Exponential Moving Averages

As it is clearly visible on the chart, the coin’s price is trading below the 50-day and 100-day Exponential Moving Average. The above statement states that the price is in a strong bearish grip as the slope of the EMA is downward. The Relative Strength Index (RSI) is rising. It can be an early sign that the Bulls are gaining some momentum. Although the RSI is still below the level of 50.

Conclusion

The coin price has been consolidating in a range for a month and is waiting for a breakout on either side. If the price breaks the level of $1.4408 “resistance 1”, the coin can unlock its way towards the $1.7900 level. Suppose the price breaks the $1.257 level on the downside, it can inch towards $0.975 (according to the Fibonacci tool).

Technical level 

Resistance – $1.4408 and $1.7900

Support – $1.257

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.