Aaryamann Shrivastava
FXStreet
- Ethereum went through the Merge during the early hours of September 15, which was followed by a drop in ETH price.
- ETHW/USD and ETHW/USDT pairs have been listed on FTX, FTX.US, and ByBit, among two other crypto exchanges.
- The next critical support for ETH lies at $1,429, losing of which will push ETH back towards July lows.
The transition from Proof of Work (PoW) to Proof of Stake (PoS) has been the most awaited moment in Ethereum's history. On Thursday, the moment finally arrived when the network went through the Merge bringing the Beacon Chain and the mainnet together.
However, the response wasn't as expected, and in lieu of the lack of optimism, a new form of ETH token rose up.
Ethereum Proof of Work token arrives
Long rumored to be true, the Ethereum PoW token (ETHW) was finally found to not only exist but also be listed on big-name cryptocurrency exchanges such as FTX, its US arm FTX.US and ByBit. The latter even went on to confirm the same on Twitter earlier on Thursday,
$ETHW/USDT is now LIVE for Spot trading!
— Bybit (@Bybit_Official) September 15, 2022
$ETHW deposits and withdrawals are coming soon!
Trade now with 0 fees: https://t.co/EE7fn790nl
Find out more: https://t.co/l4RTaTOJ7C pic.twitter.com/MkL16u4ekG
Diving further, it was found that along with ByBit and FTX, MEXC Global and Gate.io also listed the ETHW token. Known to be the Ethereum PoW Fork IOU, it was found to be trading at $38.91, following an 18.96% drop during the trading hours.
ETHW 24-hour price chart
The token, despite being created as a counter to the ETH token, was impacted by the bearish markets resulting in the price drop.
Ethereum fails to rise
On the other hand, the ETH token from which growth was expected disappointed its investors as it slipped on the charts instead of going up. Down by 7.36% in the last 24 hours, ETH is currently trading at the price of $1,516, inching closer to the crucial support of $1,429.
Ethereum 24-hour price chart
This level has been historically tested and is also very close to the 23.6% Fibonacci retracement of the April market top, which is the last support line before ETH loses the strength to recover its previous losses.
Since, at the moment, it's a sell-the-news affair, next week’s price action will be important in determining whether the Merge was a piece of good news for Ethereum's price or not.
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