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Despite KuCoin listing: Ethereum PoW token falls by 20%

 


Usually, listing on a crypto exchange leads to an increase in the price of the respective cryptocurrency. After the Ethereum merge, many members of the crypto community expected Kucoin listing from EthereumPoW (ETHW) to cause another price increase. Exactly the opposite was the case.


Despite being listed on KuCoin, the price of the EthereumPoW token has fallen by 20% in just a few hours since Monday, September 26, 2022. ETHPoW is a cryptocurrency based on or perpetuating Ethereum's legacy proof-of-work consensus mechanism.



With the token, the old Ethereum miners hope to continue their business. The expectations of the Ethereum hard fork token were quite high on the part of the community. However, these are not reflected in the current price development.


EthereumPoW (ETHW) price continues to fall

Last week, Ethereum miner Chandler Guo claimed that 10 years from now, Ethereum and ETHW will be worth the same US dollar. So far, however, the ETHW course is still far from it. At the time of writing, ETHW is hovering around the $10 mark and has also fallen around 20% in the last 24 hours. Also, the coin currently ranks 2,656 in CoinMarketCap’s market cap ranking, while Ethereum remains in second place.


ETHW price was in a downtrend between September 16th and September 23rd, 2022, but then recovered quite quickly along with the crypto market. After that, however, the price started the next downward movement.


Many traders expected the price to rise due to the Kucoin listing. However, exactly the opposite happened.


The coin's price failed to sustain above the key $12.2 resistance level due to dwindling interest from retail investors, as evidenced by declining trading volumes.


ETHW's RSI on the 4-hour also fell and exited the overbought territory. This is a sign of easing buying pressure and further possible downside.


To prevent further sell-off, the bulls need to hold the psychological $10 level despite mounting selling pressure. The next key support levels are located at $7.50 and $5.50.


Did the price fall because of the Ethereum airdrop?

Just a week ago, Guo argued that the ETHW price has the potential to rise 100 times. However, the coin is currently 80% below its all-time high of $58.54. Guo's price forecast will probably not materialize in the short term. The price must first break through numerous resistances in order to reach new highs.


In addition, the declining daily trading volume also speaks for further price declines. At the time of writing, the trading volume is $278 million, down 50% from the trading volume of 24 hours ago.


One of the reasons for the current sales and the associated price was the last ETHW token airdrop . Ethereum hodlers had the chance to receive free ETHW tokens. Many hodlers sold the free tokens on the market, increasing the selling pressure.


Traders may take advantage of the KuCoin listing and previous price surge to sell the (free) tokens at a good price. 


In the near future, the ETHW price is likely to still depend heavily on the current crypto market and retail investor sentiment. In the long term, the market capitalization needs to increase significantly in order to reach Guo's price target. For this to happen, however, investor interest must increase significantly.


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All information contained on our website has been researched to the best of our knowledge and belief. The journalistic contributions are for general information purposes only. Any action taken by the reader based on the information found on our website is entirely at their own risk.

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