Amid increased price volatility in the crypto market, the altcoin leader, Ethereum price, continues to record a consolidated price action by trading in a range between $3.3K and $3.4K. However, the altcoin is on the verge of testing its upper level, indicating increased bullish sentiment.
With this, top Ethereum-based altcoins such as Ethereum Name Service (ENS) and Ethena (ENA) have each added over 5% to their respective portfolios within the past 24 hours. Will these altcoins continue gaining momentum or erase their recent gains this week?
Ethereum Name Service (ENS) Price Analysis:
After recording a correction of 6.56% within the past seven days and 3.74% over the past month, the ENS price has recorded a jump of 8.21% in its portfolio over the past 24 hours with a change of -13.42% in its trading volume.
However, the altcoin has added 146% in valuation this year, indicating a long-term bullish sentiment.
The technical indicator, MACD, displays a constant flatline in its price chart, indicating a weak price action for the Ethereum-based token in the crypto space. Moreover, the averages record a neutral trend, suggesting uncertainty in future action for the Ethereum Name Service price.
If the bulls continue to gain momentum, the ENS coin price will prepare to retest its upper resistance level of $30 in the coming time. However, in case of a bearish reversal, the altcoin will lose momentum and head toward its low of $19.10.
Ethena Price Displays Increased Bullish Price Sentiment:
The ENA price has been constantly trading under a bearish sentiment for a brief period and has plunged 61.60% in valuation from its previous ATH of $1.52 within the past 3 months. Positively, this altcoin has jumped approximately 5% within the past day, indicating a potential bullish reversal.
The Simple Moving Average (SMA) displays a high possibility of a positive crossover in its price chart, suggesting a rising bullish sentiment for the Ethena price in the crypto space.
Moreover, the RSI indicator has successfully tested its oversold range with its average recording a potential bullish convergence in the 1D time frame. This highlights an increase in the buying-over-selling pressure for the ENA coin price in the market.
If the bullish sentiment intensifies, the Ethena crypto will start trading under a positive influence and prepare to head toward its important resistance level of $1. Conversely, if the bears regain momentum, the ENA token will plunge toward its crucial support level of $0.525 during the upcoming month.
