ETHW Surged More Than 21% In the Last 24 Hours, Time to Sell?

The price of EthereumPoW (ETHW) has surged over the last 24 hours according to the crypto market tracking website, CoinMarketCap. At press time, the price of ETHW stands at $4.05 after rising more than 21% in the last day.

In addition to strengthening against the U.S. Dollar, ETHW’s performance also overshadowed those of the two crypto market leaders, Bitcoin (BTC) and Ethereum (ETH). In the same 24-hour period. Currently, ETHW is up 22.97% against BTC and 22.64% against ETH.

Trading volume for ETHW has also soared over the last 24 hours, taking the 24-hour trading volume to take the total daily trading volume to $90,340,610. This is a 324.33% increase compared to yesterday’s volume.

4-hour chart for ETH/WUSDT (Source: CoinMarketCap)

The 4-hour chart for ETHW/USDT shows that the bullish momentum has leveled off as ETHW’s price was unable to break past the current resistance level at $4.2. There were two pumps that saw ETHW’s price reach highs above the resistance level only for it to be brought back down by sellers.

The trade volume has died down over the last 4-8 hours. However, there is still more buy volume than sell volume present on ETHW’s 4-hour chart. Another sign that the bullish momentum is quieting down is the 4-hour RSI line which is currently sloped neutral.

If there is a retracement in the coming 4-12 hours, it will likely result in ETHW’s price dropping to $3.9. At its current price, this would constitute around a 3.7% move.

Source