- The Ethereum proof-of-work mainnet will happen within 24 hours of the Merge and the exact time will be announced an hour prior to the launch.
- Poloniex, Bitfinex, Coinbase have put their weight behind the proof-of-work blockchain and listed the forked ETHW.
- Analysts predict Ethereum price decline below $1,700, identify the price level as a shorting opportunity as the Merge draws close.
Ethereum proof-of-work handle, ETHW, announced the hard fork on Twitter. ETHW mainnet will be live 24 hours post the Merge. Analysts consider the transition to proof-of-stake a key catalyst for Ethereum price, identifying a shorting opportunity at the $1,700 level.
Also read: Ethereum Merge could break the internet according to Preston Van Loon
Ethereum PoW supporters announce readiness for hard fork
The Ethereum PoW handle has kept ETH holders and the community informed about the progress of the proof-of-work chain. The team is ready to launch the ETHW mainnet 24 hours after Ethereum’s Merge. The Twitter handle announced that the community will be notified of the exact time of mainnet launch an hour before the event.
ETHW Core Announced the Plan for Mainnet#ethereum #ethw #ethereummerge #ethereumfork $ethw $eth #ethpow
— EthereumPoW (ETHW) Official #ETHW #ETHPoW (@EthereumPoW) September 12, 2022
1/n pic.twitter.com/cnYOW6l1iU
The tweet reads:
ETHW mainnet will happen within 24 hours after the Merge. The exact time will be announced 1 hour before launch with a countdown timer, and everything including final code, binaries, config files, nodes info, RPC, explorer, etc. will be made public when the time’s up.
The Ethereum PoW fork is key to the ecosystem as the Merge cuts the revenue stream of miners, unless they give up their mining hardware and adopt staking on the new blockchain. This has resulted in a rift in the two sections of the Ethereum community. Leading cryptocurrency exchanges Poloniex, Bitfinex and Coinbase have extended support to the ETHW blockchain and listed the token on their platform. Since its listing on August 8, ETHW price has declined 48% to $29.52.
The ETHW handle informed users how to qualify for airdropped tokens. Withdrawing ETH from liquidity providing apps, DeFi lending and staking platforms to an Ethereum wallet is the way to receive forked tokens.
Compound finally made the move. Withdraw your ETH to your own wallet on ethereum to get all the airdropped ETH tokens you deserve.@compoundfinance https://t.co/7xWL94ptCy pic.twitter.com/3n0pyAeWhW
— EthereumPoW (ETHW) Official #ETHW #ETHPoW (@EthereumPoW) September 11, 2022
Analysts predict a decline in Ethereum’s price
Analysts evaluated the Ethereum price trend and predicted a decline in ETH. Big Cheds, a crypto analyst and trader believes ETH could nosedive below $1,700. The analyst considers the $1,700 level an ideal shorting opportunity for Ethereum traders.
ETH-USD price chart
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended Content
Editors’ Picks
Why crypto may see a recovery right before or shortly after Bitcoin halving
Cryptocurrency market is bleeding, with Bitcoin price leading altcoins south in a broader market crash. The elevated risk levels have bulls sitting on their hands, but analysts from Santiment say this bleed may only be cauterized right before or shortly after the halving.
Manta Network price braces for volatility as $44 million worth of MANTA is due to flood markets
Manta Network (MANTA) price was not spared from the broader market crash instigated by a weakness in the Bitcoin (BTC) market. While analysts call a bottoming out in the BTC price, the Web3 modular ecosystem token could suffer further impact.
Bitcoin price uptrend to continue post-halving, Bernstein report says as traders remain in disarray
Bitcoin is dropping amid elevated risk levels in the market. It comes as traders count hours to the much-anticipated halving event. Amid the market lull, experts say we may not see a rally until after the halving.
OMNI post nearly 50% loss after airdrop and exchange listing
Omni network (OMNI) lost nearly 50% of its value on Wednesday after investors dumped the token following its listing on top crypto exchanges. A potential reason for the crash may be due to the wider crypto market slump.
Bitcoin: BTC’s rangebound movement leaves traders confused
Bitcoin (BTC) price has been hovering around the $70,000 psychological level for a few weeks, resulting in a rangebound movement. This development could lead to a massive liquidation on either side before a directional move is established.