Ethereum Proof-of-Work, EthereumFair, and Ethereum Classic Underperform Since the Merge

23.09.2022

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Ethereum Classic (ETC) and EthereumPoW (ETHW) are showing signs of a potential breakout, while EthereumFair (ETHF) is trading at an all-time low.

The Ethereum (ETH) merge went live on Sept. 15, switching the consensus mechanism from proof-of-work (PoW) to proof-of-stake (PoS). Despite the switch, some of the miners decided to stay with the old proof-of-work protocol, in turn creating the EthereumPoW fork (ETHW).

However, since the Merge, ETH has been greatly outperforming ETHW, the old fork Ethereum Classic (ETC), and EthereumFair (ETHF).

EthereumPoW (ETHW) price could break out

ETHW has been falling sharply since the Merge and is currently 77% below its all-time high price of $27.99. Conversely, the price has been moving upward since its Sept. 19 lows but was rejected by the $7 horizontal resistance area (red icon).

It is possible that ETHW is trading inside an ascending triangle, since it is already following an ascending support line. So, if the line remains intact, an eventual breakout from the $7 area would be likely. If one occurs, it will likely take ETHW toward the next resistance area at $10.40.

ETHW/USDT Chart By TradingView

Ethereum Classic (ETC) price is looking to move higher

ETC has been decreasing inside a descending parallel channel since reaching a high of $45.36 on July 19. Such channels usually contain corrective movements, meaning that an eventual breakout from it would be likely.

On Sept. 19 and 21, ETC bounced twice above the support line of this channel (green icons), creating what resembles a double bottom pattern.

Moreover, the pattern was combined with bullish divergence in the RSI (green line) and was made at a confluence of support levels between $27-$28. The support is created by the 0.5 Fib retracement support level and a horizontal support area.

Due to these factors, it is likely that an upward movement will commence. An increase above the middle of the channel at $33 would indicate that an eventual breakout is expected.

ETC/USDT Chart By TradingView

EthereumFair (ETHF) price has fallen to an all-time low

ETHF has decreased massively since Sept. 5 and is currently 91% below its opening price. ETHF reached an all-time low of 0.59 on Friday and is showing no signs of a potential bullish reversal.

Furthermore, the price is following a descending resistance line. There is crucial resistance at $1.15, while due to being at an all-time low, there is no support below the current price.