- Summary:
- Despite EthereumPOW emerging as one of the most popular POW cryptocurrencies in the world, its price has continued to plummet.
Despite EthereumPOW emerging as one of the most popular POW cryptocurrencies in the world, its price has continued to plummet. In today’s trading session, The EthereumPOW is down by 2 per cent, resuming the bearish trend that has seen its value drop by 46 per cent this month alone.
The Ethereum platform came into existence due to the Ethereum project migrating from proof-of-work to proof-of-stake. Though well-received by most of the platform’s users, the move did not satisfy everyone. In response, some of its users who believed in the idea of POW forked the original Ethereum project and started the now EthereumPOW.
Since its launch, the project has faced criticism for how hastily it was put together. For instance, the project was put to task to explain why they did not create basic blockchain infrastructure such as a wallet or a block explorer before launch.
There was also criticism of its naming and branding. Most Ethereum owners felt that the project was positioning itself as a sympathy project which would cater for those who felt the Merge, the process that saw ETH migrate to POS, robbed them of their mining opportunities. This is especially true based on how the project has marketed and positioned itself since its founding.
Therefore, although not surprising, the current struggle in the markets has been met with “applause” in some Ethereum quarters who feared the EthereumPOW would become a competitor.
Its success would have meant sucking capital and developer talent from the main project, which would have derailed its development. Today, based on what is happening in the markets, many are of the opinion that EthereumPOW has stopped being a competitor of Ethereum and is mostly forging its own path.
EthereumPOW price prediction
Based on recent price history, where we have seen EthereumPOW dropping by 46 per cent this month, my EthereumPOW expects the bearish trend to continue. With today’s price dropping by 2 per cent, it is likely that the long-term bearish trend will see the prices continuing to fall until the EthereumPOW price hits and trades below the $4.12 support level.
My analysis will only be invalidated by EthereumPOW trading above the $10 price level. At that point, it will be clear that the crypto may be turning a corner.
ETHW Daily Chart
