On September 15, Ethereum implemented one of the largest initiatives since its inception. In fact, the project leaders have updated the Ethereum (ETH) blockchain network. By this operation named The Merger, Ethereum has moved from a Proof of Work (PoW) consensus mechanism to a Proof of Stake (PoS) consensus mechanism.
However, not all members of the Ethereum community shared this change of direction. While most miners, disadvantaged by the PoS system, have chosen to fall back on alternatives like ETH Ethereum Classic and EthereumFair, others have decided to create a whole new cryptocurrency by forking ETH. So they judged EthereumPoW (ETHW).
However, since the the success of Operation The Merge, ETH has seen great success with the new ETHW fork, the old Ethereum Classic (ETC) fork, and the EthereumFair (ETHF) alternative.
Possible increase in the value of EthereumPoW (ETHW)
Although it is true that at the moment, the original Ethereum cryptocurrency, ETH, is much more than its alternatives, the latter present different levels of performance. So, while Ethereum Classic (ETC) and EthereumPoW (ETHW) are showing signs of breaking their resistance zone, EthereumFair (ETHF) is trading at an all-time low. ETHW is the result of the collaboration between some former ETH miners and a few talented developers.
After the Ethereum (ETH) merger, they came together to perform a hard fork of the Ethereum blockchain to still design an ETH alternative using the Proof of Work (PoW) consensus mechanism. According to estimates, ETHW currently has more than 20 active mining pools.
However, while ETHW rose to a high value at the time of its birth, its price has fallen significantly over time and is currently well below its value. at the following prices: $49.81.
Note however that ETHW is up 31% in the last 24h and is currently trading at $11.79. For many experts, this is an almost certain sign that ETHW could break through its current resistance zone to head for the next one.
Ethereum Classic (ETC) price development
Ethereum Classic (ETC) is one of the first forks made from the Ethereum blockchain. Although it failed to surpass the original cryptocurrency, it still shows good choice for members of the community.
One reason that probably justifies why many miners chose fall back on this cryptocurrency announcing Operation The Merge.
In fact, the trading value rate of the ETC hit a new all-time high in early September. A a significant increase in the value of the token which justifies the migration of miners from ETH to ETC.
However, this increase in value did not last as the ETC declined a few days later. After reaching a peak of $41 at the beginning of the month, it fell to $27.57 on September 23. For many analysts, the movements recorded on the cryptocurrency’s blockchain seem to indicate that it is currently in a resistance zone.
It is very unlikely that a upward movement begins soon and as soon as the value of the signal increases above its current resistance zone, an eventual breakout is expected.
The fall in the price of EthereumFair (ETHF).
There is EthereumFair Another possibility to the original Ethereum cryptocurrency. It is also part of the first Ethereum hard forks. According to its developers, the cryptocurrency is committed to preserving the Proof of Work consensus mechanism model previously used by Ethereum.
They also claim that EthereumFair (ETHF) has made a record. about 6.7 million total transactions since its creation and 1.8 million wallet addresses.
However, the price of ETHF was experienced a huge drop from September 5th last. Its current value is around 91% below its initial price. Last week, ETHF hit one of its all-time lows.
However, while the price was following a descending resistance line, the cryptocurrency began to show signs of a possible bullish reversal.
After The Merge, CSS takes a different view of Ethereum and Could redefine how this cryptocurrency it would be taxed in the future.