Over the past few days, Bitcoin and crypto market has been enjoying traces of bullish appearances. Most crypto assets have been in the green, with some reclaims in their values. But the northward climb has just died out as of yesterday.

EthereumPoW (ETHW) value crumbled by a whopping 11%. The Altcoins are not left in the new bearish trend. Most have taken to the south as they push the crypto market into the red. Despite several attempts, Bitcoin has again failed to hit its critical level of $20,000.

Drastic Crumbling For ETHW And LUNC

Over the last few days, there’s been a sudden cut in the latest uptrend within the crypto market. Most of the crypto assets are losing the previous reclaimed values.

Before the bearish trend, Ethereum reclaimed up to 5% in its value shooting the price of ETH to nearly $1,350. However, the past day’s price decline has brought ETH to $1,288.

EthereumPoW (ETHW) has suffered one of the worse losses of about 11%. Also, Terra Classic (LUNC) declined by about 7.5%.

Crypto assets with minor gains include Uniswap, Tron, and Leo. Losers from the large-cap altcoins include Ripple and Cardano, with over a 3% drop. Others are Solana, Polygon, Polkadot, Binance Coin, Shiba Inu, and Dogecoin.

Bitcoin Stalls Before The $20K level

Last week, Bitcoin was on a price swing with little or no control over its movement. The primary crypto asset even went down to the $18K region after several attempts to anchor its price on $20K. The release of the US job report created an impact taking BTC to $18,200

However, changes started to occur with increasing volatility in the crypto market. The leading cryptocurrency made more surges from the start of this week. The token movement stalled relatively in the early hour of Monday but later picked the same. As a result, the price of Bitcoin rose again to the $19,000 region and gradually maintained its hold on the level.

BTC later hit $19,700 this week. Also, kept looking for a more bullish push that could take it to the coveted $20K. However, the situation in the entire crypto market has suddenly twisted in a downward direction. As a result, Bitcoin couldn’t push through with a further move to the $20K level.

At the time of press, BTC is trading at around $19,092, indicating a drop over the past 24 hours. Also, its market cap is currently at $366.91 billion, and its dominance over altcoins sits at 39.88%.

Based on data from the on-chain analysis, there have been several suggestions for further pain in the future for BTC. The belief is that Bitcoin displays a similar trading trend to the 2018 bear market.

Featured Image From Pixabay, Charts From Tradingview

The Ethereum hard fork token (ETHW) has been popular after playing off the popularity of the Ethereum Merge. The fork was carried out in a bid to keep Ethereum in its original proof of work mechanism, and the ETHW token resulted from it. Chandler Guo is now known as the self-appointed organizer of the hard fork and he has shared his thoughts on where he expects the forked token to be in the next decade.

On Par With Ethereum

Speaking with Bitcoin News in a recent interview, Guo shared a very bullish outlook for what he expects to be the future of the forked Ethereum token. Presently, ETHW is only trading at a small fraction of the price of ETH, but Guo believes that this will not always be the case.

Guo shared that he believed that with time, ETHW would be on the same level as ETH. He gives it a decade before both digital assets will be trading at the same price as Ethereum. This would put the digital asset on a more than 100x growth over the next year, which Guo believes is possible. 

He points to the trading volume of the digital asset as evidence of this possible growth. “Already, the trading volume of ETHW is huge. Today it’s almost a billion dollars,” Guo explained. “As of today, ETHW is supported by more than 20 mining pools and 2,000 miners from around the world. More than 30 exchanges have listed ETHW.”

ETHW trending at $6.4 | Source: ETHWUSD on TradingView.com

This support that ETHW has received since its launch has been very important to its growth, and it seems to be driving Guo’s predictions. Also, development on the network has also been ramping up as far as decentralized exchanges (DEXs), bridges, and NFT marketplaces.

ETHW Price Down More Than 70%.

ETHW’s price had been trading at a high of $15 when it had initially launched. However, holding this value had proven to be a difficult task for the digital asset. It had lost more than 50% of its value just days after its launch.

Mainly, this was due to the dumping of the tokens by ETH holders who had received them for basically free of charge. Hence, it was expected that the value of the digital asset would drop pretty quickly, as is the case for most forked tokens.

However, Guo’s stance on the future price of the digital asset would mean that ETHW would do what forked tokens have been unable to do, and that is match up to the price of the original token. Nevertheless, the digital asset continues to hold up well in the bear market.

ETHW is currently trading at $6.20 at the time of this writing and is up 8.18% in the last 24 hours.

Featured image from Finbold, charts from TradingView.com

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EthereumPoW price has been under intense pressure in the past few days as investors react to the recent merge. The ETHW price rose slightly to a high of $5.32, which was the highest level since Saturday. This price is a few points above its all-time low of $3.92.

What is ETHW and why is it crashing?

Ethereum had its biggest event last week as the Merge event happened. Merge was an important event that transitioned Ethereum from a proof-of-work (PoW) platform to a proof-of-stake (PoS) network. As a result, Ethereum is now a significantly clean blockchain platform.

After the merge, the next important stage will involve making Ethereum significantly faster by introducing sharding. Sharding is a technology that divides blocks into smaller pieces known as shards and makes them relatively faster. It is a technology that is used by other popular companies like Elrond and Polkadot.

Not everyone welcomed Ethereum’s transition into a proof-of-stake network. As a result, EthereumPoW was launched to counter the new transition. It is a proof-of-work blockchain project that is an exact clone of the original Ethereum.

Some analysts believe that ETHPoW will go mainstream for several reasons. First, in the past decade, the proof-of-work Ethereum has become a mainstream and safe blockchain project. It has been significantly safer than existing PoS platforms like Solana and Avalanche.

Second, ETHPoW could become a key part in the mining community, which will lead to possibly high demand. Ethereum miners were left without nothing to do after the Merge.

Still, EthereumPoW has dropped sharply in the past few days as investors become concerned about the upcoming Fed interest rate decision. Analysts expect that the Fed will hike interest rates by 0.75% in the coming meeting scheduled for Wednesday this week.

ETHW price prediction

The hourly chart shows that the ETHPoW price has been in a downward trend in the past few days. It crashed to a low of $3.93, which was an all-time low. Recently, however, the coin has rebounded in the past few days.

It has formed a bearish flag pattern that is usually a bearish sign. It has moved slightly below the 25-period and 50-period moving averages. Therefore, the coin will likely resume the bearish trend as sellers target the next key support at $3. A move above the resistance at $6 will invalidate the bearish view.