On September 26, KuCoin announced via tweet the listing of ETHW on its platform. Despite getting listed on KuCoin, ETHW has been unable to maintain its position above significant support levels, shedding more than 20% of its value in a matter of hours on September 26.
In the cryptocurrency industry, new exchange listings frequently serve as a stimulus for token rallies. Although it was predicted that EthereumPoW (ETHW) would have a similar scenario following the Merge, things haven’t turned out as expected.
The pre-merge PoW consensus is preserved on the Layer 1 blockchain known as ETHW. The Ethereum hard fork token (ETHW), which has continued to receive support from ETH miners, has had some social expectations since the Merge, nonetheless, social anticipation has not been able to support pricing.
ETHW price tumbles more downwards
Ethereum miner Chandler Guo predicted last week that in ten years, the value of both Ether (ETH) and the new ETHW will be equal to USD. However, at time of writing, ETHW had lost more than 20%in previous 24 hours and was trading at $10.02.
From September 16 to September 23, the 2,656th-ranked coin was in a downward trend, but as macro-market conditions improved, it quickly gained speed. Nonetheless, at the time of publication, the coin’s price was facing new challenges.
Notingly, the coin’s price failed to stay above the crucial $12.2 resistance level due to weaker retail interest, which was clearly visible in the declining transaction volumes.
The latest KuCoin IPO was supposed to cause a lot of social expectation and further gains, however, neither of those things happened.
On the four-hour chart for ETHW, the relative strength index also experienced a pullback from the overbought region. The downward trend of the RSI indicated decreasing purchasing pressure.
However, buyers continued to outperform sellers on the four-hour chart timeframe, with the RSI fluctuating above the 40 level. It will be vital to see if bulls can sustain prices above the crucial psychological support level of $10 as selling pressure picks up.
The price of ETHW may find solid support at $7.50 and then at $5.5 levels going forward.
Guo claimed that ETHW had the potential to increase by 100 times just a week ago. Short-term growth potential, however, appears uncertain considering that the coin is now trading 80% below its all-time high of $58.54.
The daily trading volume of the token, which stood at $278 million at the time of publication, had decreased 51.25% over the previous 24 hours, further indicating decreasing retail interest in the token.
ETHW was issued via an airdrop that allowed early airdrop HODLers to sell their free tokens, contributing to the sell-side pressure, and was one of the causes of the current sell-offs and price decline.
The most recent KuCoin listing illustrated how ETHW owners may have sold their assets to take advantage of the relatively higher price of ETHW, which led to additional price headwinds.
The short-term price of ETHW may be closely correlated with the overall market momentum and consumer euphoria. Higher retail volumes and social interest could be beneficial for the token, while lower social volumes could be detrimental.
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