• EthereumPoW (ETHW) has seen a 45% increase in value so far this year, peaking at $4.32 on Tuesday.
• Technical indicators suggest that the current market retrace for the day may not affect ETHW’s price, as long as the wider market can find support.
• The 20-day EMA, 50-day EMA, and 100-day EMA all suggest a bullish trend, while the RSI and MACD indicator also point towards a bullish trend.
The cryptocurrency market has seen a significant bull run over the past few months, with EthereumPoW (ETHW) being one of the biggest beneficiaries. The value of ETHW has increased by a staggering 45% since the start of the year, with the most recent peak being reached on Tuesday at $4.32. The current market retrace may have an effect on the ETHW price, however, the technical indicators suggest that this could be mitigated if the wider market can find support.
The 20-day Exponential Moving Average (EMA) for ETHW’s price is currently at $3.531, the 50-day EMA at $3.658, and the 100-day EMA at $4.842. These figures all suggest a bullish trend for the coin, as the current price of $3.94 is trading above the 20-day and 50-day EMA. This is further corroborated by the Relative Strength Index (RSI), which is currently sitting at 64.90. This indicates that the cryptocurrency is already retracing from its previous high point of RSI 78.76, showing that the coin is seeking support at a lower price point.
Finally, the Moving Average Convergence Divergence (MACD) indicator is also suggesting a bullish trend for EthereumPoW. The MACD is currently in positive territory and has formed a bullish crossover, which indicates that the market is likely to continue its upward trajectory in the short to medium-term future.
All in all, it looks like EthereumPoW (ETHW) could be set to continue its winning streak. The technical indicators are all pointing towards a bullish trend, suggesting that the current market retrace may not have much of an effect on ETHW’s price. However, it is important to note that the cryptocurrency market is highly volatile and nothing is guaranteed. As such, investors should always do their own research before investing in any asset.