ETHW witnessed an increase of over 70% within the final seven days as per information from Coinbase. Though the alt witnessed a drop over 9% over the earlier 24-hours, this nonetheless represented a formidable run for the asset.
ETH proof-of-work (PoW) additionally continued its stride to changing into a viable fork with KuCoin announcing its itemizing on its change. With KuCoin’s announcement, the variety of exchanges ETHW can now be traded is step by step increasing. In a associated improvement, OkLink additionally announced the discharge of API assist for ETHW.
A Look At ETHW’s worth motion
ETHW opened buying and selling on 27 September at $11.10 and closed at 11.18, reaching a excessive of $12.02 in the identical buying and selling interval. As of the time of writing, it was buying and selling at round $10, a lack of over 5% already.
Moreover, the pattern strains proven under level in the direction of an apparent uptrend in worth actions in each the day by day and six- hour time-frame. The quantity indicator, nevertheless, depicted low buying and selling quantity, indicating an absence of intense actions when it comes to commerce. The disparity between the uptrend in worth and the dropping quantity signified a divergence in worth and quantity.
Merchants’ curiosity within the ETHPoW token seemed to be waning as there’s a widening hole between the token’s rising costs and dropping buying and selling volumes. The implication of that is that ETHW’s worth may expertise a extreme drop within the days forward.
The Relative Energy Indicator (RSI) within the six-hour time-frame confirmed that ETHW was slightly over the impartial line, indicating a weak bullish pattern. The Directional Motion Index (DMI) additional confirmed the sign and DI line over 20 additionally indicating a weak bullish pattern.
Wanting on the RSI and DMI within the day by day timeframe, nevertheless, confirmed that the general pattern was nonetheless strongly bearish.
However…
The hash fee seemed to be on the rise as per 2miners.com. This confirmed an enchancment from the place it was earlier than. Nevertheless, it nonetheless remained 40% decrease than its all-time peak of 79.42 TH/s.
A rise within the ETHPoW community’s hash fee indicated that extra miners have joined the community because it forked off from the Ethereum proof-of-stake (PoS) chain.
Other than the rise within the hash fee, ETHW additionally noticed an increase within the community issue. The rise in community issue was one other indication of the increasing inhabitants of community miners.
The rise in miners as indicated by the rise in hash fee and community issue will be thought of as a superb signal for the community. It nonetheless stays to be seen, nevertheless, how viable the community will likely be, contemplating established alternate options like Ethereum Traditional within the combine.