The subject of much controversy, Ethereum (Proof of Work) of ETHW observed extreme volatility in terms of its price since launch. However, last week we saw ETHW prices falling. Despite the negative price movement, ETHW showed a huge spike in the DeFi space.


Here are AMBCryptos Price prediction for Ethereum for 2022-2023.


As can be seen in the image below, the total value locked (TVL) of ETHW has grown tremendously over the past few weeks. One of the reasons for the growth of ETHW’s TVL could be the launch of new dApps and services on its platform.

ETHW used are Twitter account to promote the growth and development of the dApps on its network. This strategy could be one of the reasons why ETHW’s TVL showed this kind of growth.

Source: DeFiLlama

However, the DeFi space was not the only area where ETHW saw growth. According to blockchain explorer, OKlinkthe number of addresses on the ETHW network saw significant growth.

The total number of addresses has increased by 391,000 new addresses in the past 24 hours. However, the total number of active addresses declined, dropping 10,000 in the past 24 hours. The total number of active addresses on the ETHW network at the time of writing was 624,000.

However, there were also some downsides to ETHW’s growth. As can be seen in the image below, ETHW’s hashrate has been falling for the past two weeks. This indicated that the network became less and less secure over time.

Significant volatility was also observed in ETHWs mining difficulty the past three days. These developments could have a negative effect and reduce the general interest of miners in ETHW.

Source: MinerStat

Failure in the charts

Despite the growth of ETHW in the DeFi space, the price of ETHW continued to plummet. Since September 30, ETHW has depreciated by 39.25%. The price tested the $6,732 support on Oct. 13 and it looks like the token may retest the support.

The Relative Strength Index (RSI), at 47.03, indicated momentum was with the sellers. The Chaikin Money Flow (CMF), on the other hand, was at -0.06, also indicating that the future is not looking bright for ETHW.

Source: TradingView

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