{"id":64919,"date":"2022-09-21T10:18:51","date_gmt":"2022-09-21T03:18:51","guid":{"rendered":"https:\/\/wikibinance.com\/?p=64919"},"modified":"2022-10-06T17:14:49","modified_gmt":"2022-10-06T10:14:49","slug":"ethw-surges-30-binance","status":"publish","type":"post","link":"https:\/\/wikibinance.com\/en\/news\/ethw-surges-30-binance.html","title":{"rendered":"Ethereum Proof of Work (ETHW) Surges 30% After Binance Completes Distribution"},"content":{"rendered":"

Ethereum\u00a0Proof-of-Work\u00a0(ETHW) is trading inside a short-term bearish pattern and below two important horizontal resistance levels.<\/strong><\/p>\n

After the\u00a0Ethereum\u00a0(ETH) Merge went live, some miners decided to remain and support the\u00a0proof-of-work\u00a0(PoW<\/a>) consensus. This created a new fork and the launch of the\u00a0ETHW\u00a0mainnet.\u00a0ETHW is a\u00a0Layer 1\u00a0blockchain that preserves the pre-merge PoW consensus. So far, there are more than\u00a020 active mining pools\u00a0focusing on ETHW<\/a>.<\/p>\n

The transition has not been completely smooth so far, since there was an issue with the\u00a0proposed Chain ID, which was seemingly already used by a\u00a0Bitcoin\u00a0cash testnet. This in turn\u00a0led to a replay attack, in which the same transaction was recorded twice.<\/p>\n

On 19 September, Binance<\/a> completed\u00a0the distribution of Ethereum proof-of-work tokens to eligible ETH<\/a> holders following\u00a0the Merge<\/a>. Now, deposits and withdrawals for ETHW are also open. This in turn led to a surge in price which is still ongoing.<\/p>\n

Current ETHW price increases<\/strong><\/h2>\n

ETHW has been increasing since reaching a low of $3.88 on Monday. However, the upward movement has so far been contained inside an ascending wedge, which is considered to be a bearish pattern. More recently, the price was rejected by the resistance line of the wedge (red icon) on Tuesday.<\/p>\n

If a breakdown from the wedge occurs, the closest support area would be between $5.25 and $5.65, created by the 0.5-0.618 Fib retracement support levels.<\/p>\n

\"ETHWUSDT\"
ETHW\/USDT chart. Source: TradingView<\/figcaption><\/figure>\n

Future ETHW movement<\/strong><\/h2>\n

A looker at the slightly longer-term movement shows that it is trading close to an all-time low, and there is no horizontal support below the current price.<\/p>\n

Moreover, there are two crucial resistance levels at $8.30 and $10.40. When combined with the bearish short-term pattern, these make it unlikely that it will manage to initiate a rally in the near future.<\/p>\n

\"ETHW\/USDT
ETHW\/USDT chart. Source: TradingView<\/figcaption><\/figure>\n\n\n
\n \n
\n \n
\n
\n \n\n
<\/div>\n <\/div>\n
\n \n\n
<\/div>\n <\/div>\n
\n \n\n
<\/div>\n <\/div>\n
\n \n\n
<\/div>\n <\/div>\n
\n \n\n
<\/div>\n <\/div>\n <\/div>\n \n
\n
\n \n\n
<\/div>\n <\/div>\n
\n \n\n
<\/div>\n <\/div>\n
\n \n\n
<\/div>\n <\/div>\n
\n \n\n
<\/div>\n <\/div>\n
\n \n\n
<\/div>\n <\/div>\n <\/div>\n<\/div>\n \n\n
\n Rate this post<\/span>\n <\/div>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

Ethereum\u00a0Proof-of-Work\u00a0(ETHW) is trading inside a short-term bearish pattern and below two important horizontal resistance levels. After the\u00a0Ethereum\u00a0(ETH) Merge went live, some miners decided to remain and support the\u00a0proof-of-work\u00a0(PoW) consensus. This created a new fork and the launch of the\u00a0ETHW\u00a0mainnet.\u00a0ETHW is a\u00a0Layer 1\u00a0blockchain that preserves the pre-merge PoW consensus. So far, there are more than\u00a020 active […]<\/p>\n","protected":false},"author":28,"featured_media":64901,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":[],"categories":[392],"tags":[1457,4295,4296],"_links":{"self":[{"href":"https:\/\/wikibinance.com\/en\/wp-json\/wp\/v2\/posts\/64919"}],"collection":[{"href":"https:\/\/wikibinance.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/wikibinance.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/wikibinance.com\/en\/wp-json\/wp\/v2\/users\/28"}],"replies":[{"embeddable":true,"href":"https:\/\/wikibinance.com\/en\/wp-json\/wp\/v2\/comments?post=64919"}],"version-history":[{"count":3,"href":"https:\/\/wikibinance.com\/en\/wp-json\/wp\/v2\/posts\/64919\/revisions"}],"predecessor-version":[{"id":65602,"href":"https:\/\/wikibinance.com\/en\/wp-json\/wp\/v2\/posts\/64919\/revisions\/65602"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/wikibinance.com\/en\/wp-json\/wp\/v2\/media\/64901"}],"wp:attachment":[{"href":"https:\/\/wikibinance.com\/en\/wp-json\/wp\/v2\/media?parent=64919"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/wikibinance.com\/en\/wp-json\/wp\/v2\/categories?post=64919"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/wikibinance.com\/en\/wp-json\/wp\/v2\/tags?post=64919"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}