- ETHPOW price made a strong comeback on Tuesday.
- MEXC Global became the first company to offer the token.
ETHPoW price staged a strong recovery on Tuesday after slumping to an all-time low of $3.92 on Monday. ETHW rose to an intraday high of $7.37, which was about 86% above its lowest point this week. This rebound is in line with that of other cryptocurrencies like BTC and ETH.
What is ETHPOW and why is it rising?
EthereumPoW is a new cryptocurrency that seeks to take advantage of the recent Ethereum Merge. The merge combined the proof-of-work Ethereum with the Beacon Chain. As a result, Ethereum became a full proof-of-stake cryptocurrency.
EthereumPoW is a folk of the original Ethereum. Like Ethereum Classic, it is a proof-of-work platform that seeks to become a viable alternative to Ethereum.
Its developers believe that the new version is much better than the PoW version. Most importantly, it is a fully-decentralized platform that is not controlled by any single entity.
ETHW price has had a rough performance in the past few days. It has crashed by more than 89% from its all-time high. A key reason for the crash is that the momentum surrounding Ethereum Merge has faded. This also explains why Ethereum Classic and Ravencoin prices have also pulled back recently.
EthereumPoW also slipped after the network suffered its first bridge replay exploit. As a result, some attackers successfully harvested a lot of ETHW by relaying the message of the PoS cain on EthereumPoW.
Therefore, the ETHPOW rebound on Tuesday happened as investors bought the dip. At the same time, it rose after MEXC Global opened ETHW deposits. In a statement, the company said that it had become the first major exchange to support the new fork.
Analysts believe that more companies will start offering the product. Finally, the coin is still in a price-discovery phase since it is a relatively new cryptocurrency.
ETHPOW price prediction
The hourly chart shows that the EthereumPoW price has been in a strong bullish trend in the past few hours. It has managed to move from a low of $3.92 to a high of $7.27. It is consolidating along the 25-period and 50-period moving averages while the Relative Strength Index (RSI) moved slightly below the overbought level.
ETHPOW has also formed what looks like a bearish flag pattern. Therefore, there is a likelihood that the coin will resume the bearish trend and retest the important support at $3.92. A move above the resistance level of $9 will invalidate the bearish view.
