Proposed Ethereum PoW Fork Token Loses Half Its Market Value in Less Than 6 Days

August 14, 2022 Bitcoin.com

ETH PoS Upgrade to Transition on September 15 to 16 — Ethereum Devs Reveal ‘Tentative Mainnet TTD’ for The Merge

August 11, 2022 Bitcoin.com

Ethereum’s Goerli Testnet Implements The Merge, ETH Price Jumps 74% Higher During the Past 30 Days

August 11, 2022 Bitcoin.com

3 signs Ethereum price is on track toward $2.5K by September

August 11, 2022 Coin Telegraph

3 signs Ethereum price is on track toward .5K by September

Coin Telegraph

A slew of Ether's technical and fundamental indicators support a push toward $2,500 by September.

Ethereum's native asset Ether (ETH) has more than doubled in value since bottoming out at around $885 in June 2022. Now, it eyes a decisive move toward $2,500 in August per a slew of technical and fundamental indicators.

Ethereum chain split means more tokens

A big part of Ether's ongoing rally has appeared due to "the Merge," a network upgrade that will switch Ethereum's underlying blockchain protocol from proof-of-work (PoW) to proof-of-stake (PoS) in September.

Simultaneously, switching to PoS will also eliminate the role of miners in the chain by replacing them with validators. This fear has prompted Chandler Guo, a Chinese crypto miner, to resist the Merge by keeping Ethereum's PoW version alive.

A chain split is possible as a result. Guo has already branded his version of the Ethereum PoW chain as "ETHPoW," alongside its native token "ETHW." Furthermore, some crypto exchanges have already listed the token for trading with even Binance considering doing the same, if necessary.

The Ethereum Merge is approaching.

Here's what you need to know if you hold $ETH on #Binance:

Binance will support “The Merge”.
In case of newly forked tokens, we will evaluate and consider support for distribution and withdrawal.

View details ⤵️https://t.co/iuQSsXZ7fk
— Binance (@binance) August 10, 2022

A key takeaway from a potential chain split is existing Ether holders will receive an equal amount of tokens from the new chains.

In turn, that could boost ETH's demand in the market, leading its price toward the $2,500 mark in the run-up to the Merge.

Bullish flipping underway

During its recent price recovery, Ether has confidently rallied toward a critical support-turned-resistance range of $1,625-$1,975.

ETH/USD now aims to retake the range as support, thus giving itself a strong price floor to pursue a rally toward and above $2,000. Its nearest upside target is the 50-week exponential moving average (50-week EMA; the red wave in the chart below) at $2,340.

*ETH/USD weekly price chart. Source: TradingView*

The next range breakout target could be at the Ether' multi-month descending trendline resistance (the black line) at around $2,500.

Institutional inflows gain momentum

The technical upside target of $2,500 receives cues from a recent uptick in capital inflows into Ethereum-based investment funds.

Notably, these institutional products attracted $16.3 million from investors in the week ending Aug. 5. Similar funds for Bitcoin witnessed capital outflows worth $8.5 million in the same period, suggesting a strong upside bias for Ether versus the top crypto.

*Net capital flows in/out of crypto funds. Source: CoinShares*

Overall, the buzz around the Merge acts as the main bullish catalyst as mentioned above. However, Ether could see a strong price corrections after the upgrade to PoS occurs in September when traders potentially start to "sell the news."

The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should conduct your own research when making a decision.

What the fork? Ethereum’s potential forked ETHW token is trading under $100

August 9, 2022 Coin Telegraph

<div>What the fork? Ethereum's potential forked ETHW token is trading under 0</div>

Coin Telegraph

A non-difficulty bomb ETHW chain could grab 2%–10% of Ethereum's market capitalization, crypto hedge fund manager says.

An Ethereum fork token that does not yet exist, dubbed ETHW, is trading under $100 across several crypto exchanges after debuting at $30.

ETHW and ETHS begin trading

ETHW is the native asset to the ETHPoW chain. ETHPoW, for now, is a possible new chain backed by proof-of-work (PoW) miners as the original chain switches to a proof-of-stake (PoS) consensus in September's "Merge" event.

Meanwhile, the proof-of-stake version ETHS is trading at around $1,600, or the difference between the ETH price and the ETHW price.

We promise there won't be any premining or additional token issuance. So there is nowhere to save a reward for any contributors and supporters at this moment. However, if any beneficiaries would love to reward early supporters, we will connect beneficiaries with early supporters. https://t.co/gj4b81LD3V
— ETHPoW (@EthereumPoW) August 8, 2022

As a result of this potential chain split, anyone holding a certain number of the original chain's Ether (ETH) will automatically receive an equal amount of ETHW tokens. Such speculations have prompted some exchanges to list ETHW for trading in advance.

For instance, Poloniex announced support for both ETHW, as well as ETHS, the PoS chain token, listed for trading against Ether.

Trading is now live for the Ethereum (ETH) potential hard fork tokens! @justinsuntron

ETHW(ETH1)/ETH: https://t.co/QeY2Yk1a9E

ETHS(ETH2)/ETH: https://t.co/yS1piE47u4 pic.twitter.com/8Ko44ykWqd
— Poloniex Exchange (@Poloniex) August 7, 2022

Crypto exchange MEXC Global and Gate.io have also listed ETHW and ETHS on its platform. While OKX CEO Jay Hao has committed that they would list the newly forked Ethereum coins if there is "sufficient demand" for them among traders.

At @OKX, we actively monitor and will support the #Ethereum Merge.

Potential Ethereum hard forks may emerge when the network's upgrade takes effect.

We will evaluate and list the newly forked coins if there is sufficient demand.
— jay_star.okx ⚛️ OKX CEO (@star_okx) August 8, 2022

Crypto derivatives exchange BitMEX also launched Tether-margined contracts for ETHW, creating more room for price speculation ahead of the token's potential inception post Merge.

ETHW trading at how much?

ETHW debuted on Poloniex and MEXC Global on Aug. 8 at around $30 per token. On the same day, it rallied 333% to $130 before correcting to approximately $100 on Aug. 9. Trading volume was stable throughout the period.

*ETHW/USD hourly price chart. Source: MEXC Global*

Will ETHPoW survive?

Forked chains seldom survive, mainly due to a lack of support from app developers, miners and promoters. Nonetheless, some projects have witnessed reasonable adoption by users and miners alike (e.g. Bitcoin Cash, Ethereum Classic).

Notably, Hongcai "Chandler" Guo, a San Francisco-based angel investor in Bitcoin and Ethereum startups, has emerged as the main backer of ETHPoW. He claims he has a team of 60 developers working on getting rid of the so-called "difficulty bomb," a software tool designed to force the PoW-to-PoS transition.

On the other hand, Ethereum co-founder Vitalik Buterin called fork supporters "a couple of outsiders" that own crypto exchanges and "want to make a quick buck."

He reasserted that Ethereum miners already have a PoW alternative in Ethereum Classic, the original version of Ethereum, noting that it has "a superior community and superior product for people pro-proof-of-work."

$ETC is the original chain. $ETH is a fork. And $ETHW is a fork of a fork. pic.twitter.com/0PkIYu4RrE
— ETCPOW (@ETCPOW) August 5, 2022

Ethereum Classic (ETC) has rallied nearly 150% since the Merge's announcement on July 14.

*ETC/USD daily price chart. Source: TradingView*

Meanwhile, a non-difficulty bomb version of ETHW could grab 2%–10% of Ethereum's market capitalization, said Kevin Zhou, the co-founder of Galois Capital, a crypto hedge fund.

He explains that Ethereum could split into at least three chains after the Merge: ETHW (without the difficulty bomb), ETHW (with the difficulty bomb) and ETHS.

How do you think the Ethereum Merge will play out? @Galois_Capital’s Kevin Zhou thinks there will be at least *three* forks and discusses why he thinks the POW chain will maintain a “decent amount of the market cap.”

Watch the full ep on @Unchained_pod https://t.co/FkpLEbEJkk pic.twitter.com/akwljH28qC
— Laura Shin (@laurashin) August 5, 2022

Zhou warned about potential liquidations in the Ethereum forked token markets but admitted that the tokens could survive at lower prices.

ETHW