In the past 2 days of September 19 and 20, $ETHW has at one point increased by more than 80% since the bottom on September 18. Let's review this event with Holdstation and forecast the future potential of ETHW in this article!
ETHW là gì?
EthereumPoW (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.
The success of The Merge has opened a new history for the whole crypto market in the long term. From the day Ethereum officially announced the event The Merge announced the success, all attention seems to be not on $ETH after The Merge, but instead on EthereumPoW (ETHW). The Merge does not limit the amount of ETH transferred from PoW to PoS. With the purpose of wanting to maintain the PoW chain, the miners decided to hardfork the original Ethereum chain.
The "Pump" of tens of percent in just 2 days came as a surprise when the network just experienced a major attack due to an error related to the ETHW bridge's chain ID. However, now EthereumPoW seems to have launched its own cross-chain bridge. In a recent tweet, the network announced the launch of ETHW Bridge powered by the BridgeTech network. This bridge is announced to support the transfer of ETH, USDT, and USDC from the new PoS chain to the old PoW chain. It is possible that the announcement of this event pulled the price of $ETHW back from falling any further.
CZ's "welcome" for ETHW
The possibility of a post-The Merge hard fork seems far-fetched. As a result, most platforms do not support the EthereumPoW network. However, things have gone in the opposite direction and several major exchanges appear to be back ETHW.
Earlier yesterday (September 20), the world's largest cryptocurrency exchange, Binance took to twitter and announced that deposits and withdrawals for ETHW have been opened. These are not the only announcements related to ETHW, plus Binance also announced that it has completed the distribution of qualified $ETHW Proof-of-Work $ETH and $WETH tokens following The Merge.
Future potential of ETHW
With the possibility of receiving a positive view from major exchanges like Binance. The opportunity for the prospect to be consolidated, then pushed and listed on major exchanges like Binance or Coinbase is possible when the decentralized nature of the original Ethereum chain is being retained on ETHW. Besides, it is possible to mention the support of large and small exchanges such as Gate.io, MEXC, ... and most of the community from China.
With the writer's personal perspective, the prospect of ETHW being pushed at a very high rate is likely to happen, but choosing ETHW for personal investment to write articles thinks that this is a raffle that still has a lottery nature. Investors may consider disbursing 5-10% of capital depending on the risk appetite of each investor.
The reference price range can be the current $5 price range, target is $9 and cutloss below $5.