EthereumPOW (ETHW) Bullish: Seeks to Break Out of Rounding Bottom to Reach $6.5
• EthereumPOW (ETHW) was trading above $4.0 with a bearish bias after posting an impressive performance since the start of the year.
• ETHW price is bullish as it seeks to break out of a rounding bottom chart pattern, with the recent rally flipping the 50-day simple moving average (SMA) at $3.4 back into support.
• Global crypto market cap has expanded a mere 0.1% to approximately $990 billion, with Bitcoin (BTC) struggling to stay above the $21,000 level and Ethereum (ETH) up 0.8%.
EthereumPOW (ETHW) has been on an impressive run since the start of the year. At the time of writing, the proof-of-work (PoW) token was trading above $4.0 with a bearish bias and had a live market cap of $434.6 million placing it at #78 according to CoinMarketCap ranking. Its daily trading volume was up 141.6% on the day to stand at approximately $29.8 million. The ETHW price has increased more than 45% in 2023, reaching a high of $4.4 on Tuesday.
The wider market posted a slight recovery with the global crypto market cap expanding a mere 0.1% to approximately $990 billion. The pioneer cryptocurrency Bitcoin (BTC) was trading in the green as it struggled to stay above the $21,000 level after climbing 0.3% over the last 24 hours. The now proof-of-stake (PoS) Ethereum was up 0.8%, the exchange token Binance Coin was down 0.3%, and Cardano had lost 1.2%. The biggest gainer amongst the top-tier cryptos was Dogecoin which had gained 2.32% over the same timeframe.
The ETHW price is bullish as it seeks to break out of a rounding bottom chart pattern as shown on the daily chart. The recent rally saw ETHW flip the 50-day simple moving average (SMA) at $3.4 back into support, validating the possibility of a continued recovery for the altcoin. If the ETHW price can maintain its momentum and break past the resistance at $4.4, it could surge 56% to its target of $6.5.
In order for ETHW to reach its target of $6.5, it needs to maintain its momentum and break through the resistance at $4.4. The bullish sentiment could be driven by a number of factors such as increasing institutional demand, more adoption of cryptocurrencies, and wider market recovery. EthereumPOW’s PoW algorithm could also be an attractive option for miners who are looking for alternative coins to mine.
It is important to note that the crypto market is highly volatile and ETHW price may not reach its target of $6.5. Traders should therefore exercise caution and use stop losses when trading ETHW. Additionally, they should keep track of the overall crypto market trend as well as news related to EthereumPOW.