On September 15, Ethereum implemented one of its biggest initiatives since its creation. The project managers have in fact carried out an update of the Ethereum blockchain network (quotation ETH). Thanks to this operation, called The Merge, Ethereum moved from a Proof of Work (PoW) consensus mechanism to a Proof of Stake (PoS) consensus mechanism.
However, this change of direction was not appreciated by all members of the Ethereum community. While most miners, handicapped by the PoS system, have chosen to fall back on alternatives to ETH such as Ethereum Classic and EthereumFair, others have decided to create a new cryptocurrency by forking ETH. This is how EthereumPoW (ETHW) was born.
However, after the success of The Merge, ETH has far surpassed the new ETHW fork and the old Ethereum Classic (ETC) fork.
A potential increase in the value of EthereumPoW (ETHW)
While it is true that Ethereum's original cryptocurrency, ETH, currently far outstrips its alternatives, the latter have quite different levels of performance. For example, while Ethereum Classic (ETC) and EthereumPoW (ETHW) are showing signs of breaking their resistance zones, EthereumFair (ETHF) is trading at all-time lows. ETHW is the result of a collaboration between several former ETH miners and some talented developers.
After the Ethereum (ETH) merger, they came together to hard fork the Ethereum blockchain in order to design an ETH alternative that still uses the Proof of Work (PoW) consensus mechanism. To date, ETHW is estimated to have more than 20 active mining pools.
However, although ETHW reached a high value at the time of its inception, its price has dropped sharply over time and is currently well below its high price of $ 49,81.
Note, however, that ETHW has risen 31% in the past 24 hours and is currently trading at $ 11,79. For many experts, this is an almost certain sign that ETHW could break through the current resistance zone and head into the next one.
Ethereum Classic (ETC) price trend
Ethereum Classic (ETC) is one of the first forks of the Ethereum blockchain. While it failed to outperform the original cryptocurrency, it still represents a good alternative for community members.
One reason that probably justifies the fact that many miners chose to fall back on this cryptocurrency when the merger was announced.
Indeed, the ETC exchange rate hit a new all-time high in early September. A considerable increase in the value of the token, justified by the migration of miners from ETH to ETC.
However, this rise in value was short lived, as the ETC dropped a few days later. After peaking at $ 41 earlier in the month, it fell to $ 23 on September 27,57. For many analysts, the movements recorded on the cryptocurrency blockchain seem to indicate that it is currently in a resistance zone.
The upward movement is very likely to start soon, and as the value of the token extends above the current resistance zone, a potential breakout is expected.
