ETHW, the hardfork of ETH was created by Chinese miners after they protested about The Merge event bringing ETH to ETH 2.0 converting the mechanism from PoW to PoS. Before ETHW flew from $5 to over $13. Holdstation has a potential analysis and investment orientation reference for the community. So for investors who have missed the $5 price zone, is the current price zone of $ETHW still worth the risk and accepting money down? Let's make your opinion with Holdstation through this analysis!
What is ETHW?
In the previous analysis of the potential of ETHW Holdstation, what is the definition for users to understand the nature of ETHW? However, for those who have not read or know about ETHW, ETHW is a hard fork Proof of Work of Ethereum after The Merge event took place. This means that EthereumPoW is a fork that completely retains the functionality of Ethereum before The Merge. With the purpose of wanting to maintain the PoW chain, the miners decided to hardfork the original Ethereum chain and create an ETHW as it is now.
Take a look at the 150% Pump in 3 days
At the time of Holdstation writing the analysis making an investment judgment on $ETHW the price of the token has only just pulled back from the bottom of $3.9 and traded around the $5 mark after a dump of the network crash due to a bug. related to the chain ID of the ETHW bridge. After the ETHW bridge was hacked, the original ETH hardfork announced the release of ETHW Bridge - a cross-chain bridge - powered by the BridgeTech network. This bridge is claimed to support the transfer of $ETH, $USDT, and $USDC from the new PoS chain to the old PoW chain.
Immediately followed by positive news from Binance such as the completion of ETHW allocation for investors holding WETH or ETH after the end of The Merge event. Only after the above notice about 2 days. The price of $ETHW has climbed from $5 to over $13 in just 3 days growing to over 150%. Many rumors suggest that the fact that the price of $ETHW is pumped so quickly is behind the intervention of Chinese miners.
Positive news coming to $ETHW
Recently a lot of positive news about ETHW has been announced. Help this token is still holding at the price level of around $ 10 for nearly 1 week. Besides, there are also macro news that investors should save for the upcoming short-term.
First of all, it is impossible not to mention that there are positive signs coming from the macro. October of every year is almost always the month when the green color comes to the crypto market. October of this year is also forecasted to be a recovery month for the cryptocurrency market when there is no specific macro news in the short term that can have a great impact on the whole market. The Fed has completed the 5th interest rate hike in 2022 with an increase of 75 basis points as forecasted by the media, European countries recently after the Fed announced a rate increase, they also simultaneously raised interest rates. Bank. However, the influence of the above event was not too great, after BTC plummeted to the level below 19k, it quickly recovered just 1 day later.
Unlike September with many storms, October seems to be more peaceful, not to mention November 8 is the day of the US midterm elections. The rulers of the country with the world's top 1 economy also do not want much instability before this important event. So keeping the economy temporarily stable in the short term at least until mid-November is a highly likely scenario. However, there is one variable that has a huge impact on the entire world economy that may make October not as peaceful as expected: the escalation of hostilities between Russia and Ukraine. Russian President Vladimir Putin has announced that he will mobilize an additional 300,000 troops with the goal of liberating the Donbass region in eastern Ukraine. If the military situation does not have a good change, the future is not only the worsening of the situation of the crypto market in particular but also of the financial market in general.
Positive news about $ETHW
First of all, it is impossible not to mention the cooperation between ETHW and a series of different large and small cryptocurrency exchanges.
Crypto.com recently posted a status line on personal twitter about the cooperation between Defi wallet of Crypto,com and ETHW. In which users can transfer and receive money via ETHW network on Crypto.com wallet, import ERC-20 tokens on ETHW network or connect to dapps that support ETHW network.
On September 26, Kucoin also announced that ETHW was listed on Kucoii with the ETHW/USDT trading pair. Or most recently, early this afternoon on September 29, Binance, the world's largest electronic exchange, announced the launch of ETHW mining pool with zero pool fee. In the Binance announcement, it was mentioned that users can withdraw and sell ETHW into BUSD or USDT in the conversion section on Binance, but this announcement does not imply any action on ETHW being listed on Binance.
With a lot of good news being released to keep the price of $ETHW, the individual writer thinks that it takes over 80% of ETHW to be listed on Binance sooner or later. At that time, a series of projects under ETHW will definitely be pushed in price. To be able to optimize profits. The individual who wrote the article gave the following strategies for investors to refer to:
It is possible to buy ETHW gradually at this point because the story behind ETHW certainly does not stop here. The Chinese are holding the majority of tokens, so the good news is just the beginning of the campaign. The reference price area for ETHW is the $10 price zone, disbursing 5-10% of the asset (because this is still a lottery reference). Second, keep a spare amount of ETHW on the metamask wallet to wait for the opportunity to catch projects deployed on ETHW if $ETHW is listed on Binance (add ETHW network to the wallet here).
The above is the entire opinion of the individual writing for $ETHW. The current entry point, however, is not good for $ETHW. However, the feeling is that the potential behind the maket maker to push $ETHW is still a lot. Therefore, investors can consider disbursing according to their risk appetite. The entire content of the article is for reference only, not a financial advice.