Following the resolution of Ethereum’s case with the SEC, the cryptocurrency market has witnessed a robust bullish reversal, with major tokens posting substantial gains in their valuations. Ethereum itself has surged 3.5%, reclaiming the $3.5K milestone.
As a result, prominent Ethereum-based tokens like Ethereum Name Service (ENS) and Ethena (ENA) have successfully breached key resistance levels, signaling heightened bullish sentiment across the crypto sphere.
Considering Investing in These Tokens? Here’s an Analysis of ENS and ENA:
ENS Token Approaches Critical Resistance: Despite market volatility, ENS has demonstrated strong positive momentum, surging 15.46% in the last day and marking a remarkable 82.75% increase over the past month, with a year-to-date return of 158.21%.
ENS Price Analysis On TradingView: ENS/USDT The Simple Moving Average (SMA) shows a robust bullish trajectory, indicating continued positive price action expected for the Ethereum Name Service token.
The Relative Strength Index (RSI) has retraced to neutral levels, poised to potentially enter overbought territory, suggesting ongoing bullish momentum for ENS.
If ENS maintains above $26.50, bulls may target a resistance test at $30. Conversely, a bearish scenario could see a retreat towards key support at $19 in the near term.
Ethena (ENA) Witnesses Bullish Reversal: ENA recently faced bearish sentiment, correcting 8.79% over the past week and 11.07% in the last month, dropping towards critical support at $0.5520. However, a recent surge of 5.89% in value, despite reduced trading volume, indicates renewed bullish momentum.
ENA Price Analysis On TradingView: ENA/USDT ENA has surged 12.14% this week, underscoring growing bullish sentiment within the altcoin market.
The Moving Average Convergence Divergence (MACD) highlights declining bearish momentum with a bullish convergence, suggesting potential continued gains for Ethena in the short term.
If bullish momentum persists, ENA could breach resistance at $0.7250 and target higher levels around $0.820. Conversely, a bearish scenario might push the token towards crucial support at $0.5520.
In conclusion, following positive regulatory developments and bullish market sentiment, Ethereum-based tokens like ENS and ENA show promising potential for further upward movement.
