EthereumPoW [ETHW]: How a forked chain is leading others on this front

While most networks saw their DeFi TVLs appreciate in October, newly-forked chain EthereumPoW [ETHW] led with the highest TVL hike. This, according to data from CryptoRank. As per DefiLlama, at press time, 15 DeFi protocols were housed within the proof-of-work network with a TVL of $5.54 million. Towards the beginning of October, TVL on EthereumPoW […]

, since ETHPOW network became operational on 15 September, transactions completed on it totalled 1.72 billion. Users have paid as transaction fees – 126.12 million – within the same period.

Furthermore, the count of total addresses on the network, at the time of writing, was 263 million addresses, with 262 million of those inactive. Also, the chain supports a number of Ethereum-based tokens issued according to the ERC-2 standard , the ERC-721 standard , and the ERC-1155 standard .Ranked 68th with a market capitalization of $670 million at press time, it was exchanging hands at $6.27.ETHW’s price has been on a downtrend since 28 October, forming a falling wedge.

A look at the asset’s MACD revealed that a bullish divergence had formed since 27 October. This meant that selling momentum had slowed and the downtrend was due for a reversal.While this is a good indication that ETHW might see some relief soon, it is not enough to conclude that this is bound to happen. A consideration of ETHW’s Relative Strength Index showed that it rested below the 50-neutral spot at 33 at press time, heading to the oversold position.

The asset’s Directional Movement Index also suggested that the sellers’ strength at 21.77 was above the buyers’ at 21.66, meaning that sellers had control of the market.Subscribe to get it daily in your inbox.

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