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EthereumPoW (ETHW) Price Primed for Upside Surge: Identifying Potential Targets

The price of EthereumPoW (ETHW) has broken above a significant resistance zone and confirmed it as support. It may continue to rise in the near future.

Key Level

The price of EthereumPoW (ETHW) has been on the rise since reaching an all-time low of $1.68 on October 11, 2023. During this period, the price broke above a crucial resistance zone at $1.45 on November 5.

The breakout occurred with a bullish engulfing candle and significant trading volume, making the breakout valid.

Indeed, ETHW successfully flipped the $1.45 zone into support on November 21 (green arrow) and experienced a strong upward momentum thereafter. This indicates that the previous downtrend has ended, and a new upward movement may occur.

The daily RSI (Relative Strength Index) has created a hidden bullish divergence and is above 50, supporting the potential for further upward movement.

Therefore, the ETHW price is likely to continue rising towards the next significant resistance zone at $2.3, representing a 33.54% increase from the current price.

Breaking above this level could propel ETHW quickly towards the previous support zone at $3.

ETHW/USDT daily chart . Source: TradingView

Short-Term Outlook

The 4-hour chart shows that the ETHW price is being rejected by a minor resistance zone at $1.8. This zone provided strong resistance from November 10 to 13 (red arrows). Hence, the bears may attempt to defend this zone once again.

The 4-hour RSI has retreated below the 70 level, indicating a potential minor correction or consolidation.

In such a scenario, the ETHW price may retest the previous resistance zone at $1.66 before resuming its upward trend.

ETHW/USDT 4-hourly chart . Source: TradingView

Conclusion

The most likely scenario suggests that the ETW price will continue to rise in the near future. The potential target for this movement is $2.3 and higher towards $3.

However, a correction to $1.66 may occur before the upward trend continues.

Disclaimer: Please note that this article is for informational purposes only and should not be taken as investment advice. As an investor, it is important to do your own research before making any decisions. We are not responsible for any investment decisions you make based on this information. Not Financial Advice.

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