ETHW – listed on KuCoin exchange
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On September 26th KuCoin reported through Tweet from the list ETHW on its platform. Despite the listing KuCoin, ETHW has been unable to maintain its position above significant support levels and shed more than 20% of its value in a few hours on September 26.
In the cryptocurrency industry, new listings often serve as an incentive for a token rally. Although it was predicted that EthereumPoW (ETHW) would be a similar scenario after the merger, things have not gone as expected.
Pre-association PoW consensus remains Layer 1 blockchain is known ETHW. Ethereum hard fork token (ETHW), which has continued to receive support from ETH miners, has had some social anticipation since the Merger, but social anticipation has not been able to support pricing.
The price of ETHW will fall more downwards
Ethereum miner Chandler Guo predicted last week that in ten years, both ether (ETH) and the new ETHW is equal to USD. However, at the time of writing, ETHW had lost over 20% in the previous 24 hours and was trading at $10.02.
Between September 16th and 23rd, the 2,656th ranked coin was in a downtrend, but as the macro market situation improved, it quickly accelerated. Nevertheless, the price of the coin was facing new challenges at the time of release.
It should be noted that the price of the coin did not stay above the crucial $12.2 resistance level due to the weakening of the retail trade, which was clearly reflected in the decrease in transaction volumes.
Last KuCoin The IPO was supposed to create a lot of social expectations and spin-offs, but neither of those things happened.
On the four-hour chart ETHW, the relative strength index also experienced a pullback from overbought territory. The downward trend of the relative strength index indicated a decrease in buying pressure.
However, buyers still outperformed sellers on the four-hour chart timeline, with the RSI hovering above the 40 level. It will be vital to see if bulls can hold prices above the crucial $10 psychological support level as selling pressure builds.
Price ETHW may find solid support at $7.50 and then at the $5.5 level going forward.
Guo claimed so ETHW it was possible to grow 100x just a week ago. However, the short-term upside potential looks uncertain given that the coin is now trading 80% below its all-time high of $58.54.
The token’s daily trading volume, which stood at $278 million at the time of publication, had fallen by 51.25% in the previous 24 hours, further indicating a decline in retail interest.
ETHW was issued via an airdrop that allowed early airdrop HODLers to sell their free tokens, which contributed to sell-side pressure and was one of the reasons for the current sell-off and price drop.
Last KuCoin the listing illustrates how ETHW owners may have sold their assets to take advantage of the relatively higher price ETHWwhich led to a headwind of additional prices.
Short term price ETHW can be cis weakly correlated with general market momentum and consumer euphoria. Higher retail volumes and social interest can benefit the token, while lower social volumes can be detrimental.