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Why EthereumPoW (ETHW) Might See a Surge of Over 30% in the Coming Days – Here’s the Reasoning

The EthereumPoW (ETHW) price has confirmed the previous crucial resistance zone as support and shows decisive bullish signals. It is expected to continue rising in the near future.

Weekly Outlook

The EthereumPoW (ETHW) price has been on the rise since reaching an all-time low of $1.17 in early October 2023. This move helped the price break above the long-term resistance zone at $2.3 and move up to the next resistance level at $4.4.

After several breakout attempts, the ETHW price was ultimately rejected by the $4.4 zone in the week from December 25th to 31st, 2023 (red hammer) and declined.

However, the positive aspect is that it successfully turned the $2.3 zone into support in the following weeks and bounced back (green arrow).

The weekly RSI indicator has broken above the recent peak (red line), is above 50, and sloping upwards, indicating that the bulls have regained control.

Therefore, the ETHW price could potentially rise by 33.36% to the $4.4 resistance zone in the coming time. Breaking above this zone could help it rise to the next significant resistance level at $7.5.

ETHW/USDT weekly chart . Source: TradingView

Parallel Channel Breakout

The 4-hour chart shows that the ETHW price has been trading inside an ascending parallel channel since surging from the $2.3 zone on January 23, 2024. This is a bearish pattern that often leads to breakdown in most cases.

However, instead of doing so, the ETHW price broke above the channel and confirmed it as support on February 27th. This indicates that the upward movement is robust, and a strong rally may follow.

Therefore, the ETHW price could rise to the nearest resistance zone at $3.6 in the coming days.

ETHW/USDT 4-hourly chart . Source: TradingView

Conclusion

The most likely prospects suggest that the ETHW price will continue to rise in the near future. The nearest target is $3.6, and beyond that, $4.4, $7.5.

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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