All variations of Ethereum post-merge have seen massive sell-offs in what analysts consider a sell-the-news event. With no clear direction to take next, Ethereum forks have become the latest pump-and-dump favorites – spearheaded by Justin Sun.
After suffering considerable losses in the previous session, ETHPoW (ETH) surges 40% in the 24-hour charts. Another PoW fork, Ethereum Classic (ETC), is tagging along ETHPoW strength, which jumped 4% during the same session.
However, analysts caution traders not to enjoy these big swings as painful corrections await. And our analysts give an update on their crypto pick of 2023, The Hideaways (HDWY).
ETHPoW (ETHW) Has Officially Become a Pump-and-Dump Coin
It’s official, ETHPoW (ETHW) is the latest addition among pump-and-dump coins that investors overhype for the sole purpose of profiting.
In today’s 24-hour charts, the token climbed 41.34% to $6.95. This is just a day after it retraced 37% after news confirmed an attack on the blockchain. Reports show attackers successfully took 200 ETHPoW tokens on September 16 through the Omni Bridge and Gnosis chain.
This immediately put ETHPoW’s credibility and future security in a severe reckoning, which led to a massive selloff. ETHW fell to a fresh low at $4.22 after the news broke.
The recent price recovery means one thing: it is not more than a mere short-term price hyping. Once whales start moving funds out of the token, price corrections await.
Ethereum Classic (ETC) Also Makes a Recovery, Long-term Projection Remains Gloomy
Another Ethereum fork that made an impressive run in today’s charts is Ethereum Classic (ETC).
The token advanced 4.30% to $29.17 at press time. Buyers attempt to cross above the strong resistance found at the $30.00. However, sellers prove to have a more substantial presence, and the bulls aren’t up to the task.
Ethereum Classic (ETC) ‘s Relative Strength Index, an indicator of buying and selling pressure, tanked at 38.91 – near the oversold territory.
This hints selling will likely continue and lead prices back to the previous session’s intraday low at the $27.0 level. If buyers do not come to its rescue, the next level of support is at $25.0.
Market experts predict that most miners that fled Ethereum (ETH) for Ethereum forks will go bankrupt as electricity costs undermine profitability.
The Hideaways (HDWY) is Worth a Try, And Here is Why
Instead of waiting with sweaty palms on the next ETHPoW (ETHW) and Ethereum Classic (ETC) swing, join The Hideaways (HDWY) as it looks set to provide even more returns of up to 8,000% by end of 2023.
The cryptocurrency project is in the real estate and NFT business. Imagine a decentralized REIT investment – no more middlemen, no more annoying real estate fees, and lengthy processes.
Investors buy NFTs that are backed by real properties. This will entitle you to participate in The Hideaways’ monthly rental yields, get passive income from capital appreciation of the properties, and more.
Better yet, the team thought about their tokenomics and is paying yield directly in ETH and USDT / USDC to avoid hyperinflating their HDWY token.
HDWY started selling at $0.01 early this month, but the price has already doubled to $0.02 as the coin becomes oversubscribed.
Over 1000 new holders have joined in the last 6 days, making it the fasting growing coin in the Ethereum ecosystem.
Check them out:
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