As the much-awaited Ethereum Merge was completed on 15 September, Ethereum miners had to look for other alternative coins to keep their operations running. Therefore, a few coins registered a massive increase in their hashrates.
The Ethereum PoW, which is a new hard-forked chain created with the motive of sheltering the ETH miners, also shared good news as several mining pools offered their support for the network.
Most recently, Nanopool announced that it is going to support the EthPow Ethereum fork, which is expected to be minable in 24 hours after the ETH Merge.
Nanopool is going to support EthPow Ethereum fork expected to be minable in 24 hours after the ETH Merge occures https://t.co/SDFWFnjx6e
— nanopool (@nanopool_org) September 14, 2022
This is a massively positive development for ETHW as Nanopool had nearly 30TH/s hashrate contribution on the Ethereum network.
With this newly announced support, the total number of mining pools supporting ETHW has reached 18, which is a good signal for the ETHW community. Several large mining pools were also on the list, including Poolin, 2miners, Antpool, BTC.com, and several others.
What’s more on the table?
Apart from the news of new mining pools joining the ETHW community, the last few days were quite eventful for the community as several updates and announcements were made.
For instance, the ETHW community shared an open letter in which they talked about the ETHW mainnet and ETHW mining. The big announcement was that ETHW would be launched within 24 hours after the Merge is completed.
Moreover, the ETHW community recently also reminded miners to withdraw ETH within seven hours in a separate tweet.
ETHW Core: An open letter to the Ethereum community [3/9]: Mainnet Launch and ETHW Mining Pool
It seems that the Ethereum Foundation will not slow down moving to PoS, so it’s time to talk about ETHW, the PoW chain, which is the backbone that the Web3 is currently built upon.
— EthereumPoW (ETHW) Official #ETHW #ETHPoW (@EthereumPoW) September 14, 2022
Interestingly, while these developments occurred, ETHW’s token price also responded accordingly. Since its launch, ETHW has witnessed a continued decline in its price, but now, the situation seems to be changing in the token’s favor.
At the time of writing, ETHW was priced at $32.25 with an over 40% increase in 24-hour volume. ETHW’s daily chart was mostly painted green, giving hope for brighter days ahead.
Though the developments around ETHW looked promising, there were a few other blockchains that also got their share of the prize out of the Merge.
For instance, Ethereum Classic and Ravencoin were trending on CoinMarketCap a few hours ahead of the Merge. ETC and Ravencoin both registered a massive surge in their network hashrate.
Interestingly, their token’s value also outperformed several other cryptos with higher market caps as they registered massive gains over the past few weeks.
Ethereum Marks Three Consecutive Red Weekly Closes, Will Uptober Change Its Trajectory?
Ethereum has been one of the cryptocurrencies that have received major support from the crypto community regardless of how the price performs in the market. Since the Ethereum Merge was completed, though, the digital asset has not performed as well as expected. ETH’s price has continuously bled out, which has led to its price relegating to the low $1,000s. As the new month begins, speculations abound on whether the cryptocurrency has what it takes to recover.
Three Red Weekly Closes
Along with the rest of the crypto market, Ethereum’s price has suffered bitterly at the hands of the bulls. Once again, the curse of September reared its ugly head, and digital assets across the space saw more red than green during this time period. Ethereum itself had closed out the month with three consecutive red weekly closes, which has greatly impacted its performance in the market.
Over the last few weeks, the resistance to the digital asset has been mounting, and the bears have made a solid stand just above the $1,400 level. This is evidenced by ETH’s inability to beat this point, even with some rise in momentum.
ETH sees three consecutive red weekly closes | Source: ETHUSD on TradingView.com
Interestingly, Ethereum’s chart looks eerily similar to the same trend that was recorded back in September of 2021. This had been in the middle of the bull market right before ETH had hit its all-time high above $4,900. The digital asset had recorded three consecutive red closes, followed by a green close. What followed would be two months of weekly green closes that saw the cryptocurrency surge by more than 48%.
If this trend holds and Ethereum is able to successfully break through the $1,400 resistance point this week, then ETH’s price could rally to $1,800 over the next two months before eventually losing steam.
Can Ethereum Hold Up?
The weakness of ETH following the Merge has done a number on not only the digital asset but on investor sentiment. The majority of investors still opt to hold their coins for the long term. However, the sell-offs continue to wax stronger at this time.
Mainly, all eyes are on the Ethereum staking contract, where more and more of the supply are being sent each day. The contract currently sits at more than 14.1 million ETH are already staked, accounting for about 12% of the total supply. And since there is presently no way to withdraw these ETH, they are temporarily taken out of circulation, causing a significant drop in supply.
Nevertheless, the majority of ETH investors are still in profit despite the current low prices. This 53% of investors who have mostly held their coins for longer than a year remains in the green. However, profit-taking continues with exchange inflows reaching $4.49 billion for the last 7 days compared to outflows of $4.44 billion.
Featured image from El Cronista, chart from TradingView.com
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Ethereum Registers Massive Inflows Even Though It Shows Subtlety
The second largest cryptocurrency is making a new wave in space in inflows, Ethereum and its related products recorded massive inflows for a second week consecutively. CoinShares’ weekly fund flow report data indicated a total inflow of $5.6 million for Ethereum and its related products.
Data for the overall investment products of digital assets was about $10.3 million in inflows last week. In addition, the report noted that this is the third consecutive week of inflows for virtual assets. However, investors are still hesitant about the low flows.
Also, last week’s trading volumes of investment products amounted to $886 million. This is the lowest value recorded since October 2020.
For Bitcoin, it was a case of recording its third week of minor inflows of about $7.7 million. In addition, the primary crypto asset had its short recording inflow of approximately $2.1 million last week.
Other Altcoins Recorded Outflows For Last Week
The altcoins, with the exemption of Ethereum, had negative trends with outflows for last week. They recorded a total flow of about $3.5 million. Most assets with higher outflows include Cardano, Avalanche, and Polygon. Their outflows were $0.5 million, $0.8 million, and $0.9 million, respectively.
Last week, XRP and Cardano products recorded their first outflows of $300,000 and $500,000 since August. The values are on the high side in comparison with their previous inflows. Both tokens had recently encountered a drastic drop in their values, creating more fear in the minds of investors and traders.
Some areas recorded minor outflows during the last week. Except for Sweden, which had an inflow of $16 million, most European nations saw outflows. Also, Germany saw outflows amounting to about $9.1 million. But the US noted a cumulative inflow of about $7.7 million.
The statistical data for the month-to-month outflows for digital assets investment products is about $42.6 million. The year-to-year inflows are cumulatively at $448 million.
Ethereum Merge And Ethereum Outflows
There were some outflows from ETH-related products from the period preceding the Ethereum Merge on September 15. This is due to the division in sentiment concerning the Merge. While some believed that the transition to PoS would bring a price hike for Ethereum and its derivatives, some had a contrary opinion.
Hence, some investors hastened to sell off their holdings before the Merge creating increased outflows for the network during the period. But some decided to stick with the transition keeping their holdings intact. They opted to stake their Ether.
Following the completion of the Merge event, the demand for Ethereum-related products is gradually rising. This resulted in the inflows for the products within the past two weeks.
Featured image from Pixabay, Chart: TradingView.com
Bitcoin, Ethereum Technical Analysis: BTC Back Above $20,000, USD Hits 2-Week Low
Bitcoin was back above $20,000 on Tuesday, as the U.S. dollar fell to its lowest point in two weeks versus several G7 currencies. The stronger dollar has impacted purchasing power in cryptocurrencies, and commodities like crude oil, which last week fell to a nine-month low. Ethereum was also up, hitting a five-day high.
Bitcoin (BTC) briefly rose above $20,000 on Tuesday, as the U.S. dollar continued to decline versus other major currencies.
This has resulted in the world’s largest cryptocurrency climbing to a peak of $20,071.20 earlier in today’s session.
Today’s high is the strongest point that BTC/USD has traded at since September 30, and is marginally below a ceiling of $20,200.
As can be seen from the chart, earlier bulls retreated from the market as BTC neared the aforementioned resistance point.
Overall, the rally began following a breakout of another point of uncertainty, this being the ceiling of 49.00 on the relative strength index (RSI).
The index is now tracking at 52.22, which is slightly below a resistance of 53.00, and this seems to be another reason why BTC has slipped from its earlier high.
Like BTC, ethereum (ETH) also rose to a five-day high in today’s session, moving above a key resistance level in the process.
Following a low of $1,294.41 to start the week, ETH/USD raced to an intraday high of $1,355.89 earlier in the day.
The move saw ethereum break out of its ceiling of $1,330, with the 14-day RSI also moving beyond a point of resistance.
Looking at the chart, the indicator rose above its ceiling of 41.50, and as of writing, is tracking at 44.82.
This is the strongest reading for the index since September 15, when ETH was trading at a high of $1,470.
In order to move back towards those levels, the RSI will need to break out of an upcoming ceiling of 45.00.
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Could we see ethereum hit $1,400 before the end of the day? Leave your thoughts in the comments below.
Eliman brings an eclectic point of view to market analysis, he was previously a brokerage director and retail trading educator. Currently, he acts as a commentator across various asset classes, including Crypto, Stocks and FX.
Image Credits: Shutterstock, Pixabay, Wiki Commons
Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.
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