EthereumPOW (ETHW) was trading above $4.0 with a bearish bias after posting an impressive performance since the start of the year. The ETHW price is up more than 45% in 2023, to reach a high of $4.4 on Tuesday. At the time of writing, the proof-of-work (PoW) token has a live market cap of $434.6 million placing it at #78 according to CoinMarketCap ranking. Its daily trading volume is up 141.6% on the day to stand at approximately $29.8 million.
The wider market posted a slight recovery with the global crypto market cap expanding a mere 0.1% to approximately $990 billion. The pioneer cryptocurrency Bitcoin (BTC) was trading in the green as it struggled to stay above the $21,000 level after climbing 0.3% over the last 24 hours. The now proof-of-stake (PoS) Ethereum was up 0.8%, the exchange token Binance Coin was down 0.3%, and Cardano had lost 1.2%. The biggest gainer amongst the top-tier cryptos was Dogecoin which had gained 2.32% over the same timeframe.
ETHW Price Rounding Bottom Pattern Projects 56% Gains
EthereumPOW price is bullish as it seeks to break out of a rounding bottom chart pattern as shown on the daily chart below. The recent rally saw ETHW flip the 50-day simple moving average (SMA) at $3.4 back into support, validating the possibility of a continued recovery for the altcoin.
At the time of writing, the ETHW price was fighting supplier congestion from the 100-day SMA currently sitting at $4.4. A daily candlestick close above this level could push the token to the technical pattern’s neckline at $4.6. Traders could expect EthereumPOW’s upside to be capped here for the short term given that the price has been rejected here twice in the recent past.
However, in highly ambitious cases, the token may breach this barrier to tag the $6.0 psychological level or the bullish target of the governing chart pattern at $6.3. Such a move would bring the total gains to 56%.
ETHW/USD Daily Chart
Validating the bullish outlook for the ETHW price was the strong support provided by the $3.65 support line, the 50-day SMA at $3.4 and the $3.0 psychological level. In addition, the moving average convergence divergence (MACD) indicator was moving upward within the positive region. This suggested that ETHW was under the control of buyers.
Moreover, the Directional Momentum Index (DMI) reinforced the bull’s grip on the EthereumPOW price. The negative directional line (-D1) at 6.7 was way below the positive directional (+D1) line at 27, suggesting that the uptrend was very strong.
On the flip side, the positive directional line had begun facing downward suggesting that the bears were re-entering the market. As such, the bullish thesis for the ETHW price may be invalidated if a daily candlestick close is achieved below the immediate support at $3.89. If this happens, the EthereumPOW price could retreat to the 50-day SMA below that and in highly bearish cases, drop lower to revisit the December 28 swing low at $2.89. Traders could expect ETHW bulls to take a breather here before making another attempt at recovery.
As ETHW Continues Its Uptrend, Consider These Alternative Tokens
FightOut (FGHT) features among the crypto market’s latest initiatives and presales, coming in the form of a move-to-earn (M2E) fitness software where real-life workouts, Web3, and the metaverse collide.
Although this M2E project only launched recently, and its presale is still budding, FightOut’s native crypto FGHT is already listed on centralized exchanges LBank.
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— Fight Out (@FightOut_) January 16, 2023
FightOut’s token is listed on BitForex, one of the most active CEXs popular for its fast token listings, low fees, and easy token purchases.
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— Fight Out (@FightOut_) January 17, 2023
FightOut tracks and rewards the steps you walk and every other workout you engage in, including activities you engage in towards a better lifestyle.
The C+Charge platform is committed to providing electric vehicle (EV) drivers with a transparent and helpful system for charging their electric vehicles. It is designed to enable drivers to charge their EVs at specific charging stations and pay using their electronic wallets. The currency for such services will include the platform’s native currency, CCHG tokens.
In return, EV drivers will get carbon credits as rewards for charging their vehicles and paying in CCHG tokens. Finally, C+Charge also enables individuals to use carbon credits.
🧬How does C+Charge use blockchain to improve the EV charging experience?
💻Blockchain validates and stores transactions over a P2P network
💻All records are encrypted, anonymous, easy to track and cannot be altered once entered
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— C+Charge (@C_Charge_Token) January 18, 2023
The idea presented by the C+Charge team has been met with great enthusiasm among users and the greater crypto community. This is evidenced by the remarkable success that the CCHG presale has recorded in token sales. As of January 17, the project had recorded another milestone, raising upwards of $310,000 in the presale.
If CCGH’s presale success continues, chances are very high that it will become the best eco-friendly coin for 2023!
FightOut (FGHT) – Newest Move to Earn Project
- CertiK audited & CoinSniper KYC Verified
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- LBank Labs Project
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- Staking Rewards & Bonuses