Story Highlights
– Ethereum price adds over 6% in 24 hours and currently has a market cap of $473.165 billion.
– ETH-based altcoins record a similar price action with some recording a double-digit gain.
– The bullish price pattern in the daily time frames highlights a potential breakout rally this month.
As Bitcoin hits a milestone of $100,000, Ethereum is not far behind with its price retesting the $4,000 mark. This surge in price indicates a growing interest from investors in Ethereum and its potential for further growth.
Considering the upward trajectory of Ethereum, now might be the perfect time to explore three Ethereum-based altcoins that could see significant gains once Ethereum reaches its all-time high. Let’s dive into the market sentiment and price analysis of these top altcoins.
Ethereum Classic (ETC)
Ethereum Classic has seen a remarkable increase of over 100% in its valuation over the last 32 days, reflecting a bullish sentiment for the altcoin. With a market cap of $5.635 billion, Ethereum Classic currently holds the 30th position in the market.
The MACD indicator shows a constant green histogram, indicating a strong uptrend in the ETC price chart. Additionally, the SMA is providing support to the price chart, further reinforcing the bullish sentiment for Ethereum Classic.
If the bullish trend continues, Ethereum Classic could reach a new 52-week high and potentially soar to $50. However, a bearish reversal could push the price down to $30 in the coming month.
Ethena (ENA)
Ethena has experienced a monthly surge of 176% and formed an ascending channel pattern in its price chart. With a 31.87% increase in its valuation over the last seven days, Ethena is currently trading at $0.9680 with a trading volume of $931.129 million.
The EMA 50/200-day has shown a Golden Cross in the daily timeframe, while the RSI indicator has breached the overbought range in the ENA price chart. This suggests a strong positive price action for this altcoin in the near future.
A breakout from the rising channel pattern could propel the price of Ethena to its yearly high of $1.5. Conversely, a bearish scenario could see the price retesting its support trendline within the channel pattern.
Ethereum Name Service (ENS)
ENS has seen a surge of approximately 16% in the last seven days and 177.47% over the past month, leading to the formation of a bullish flag pattern in the 1D timeframe. With a market capitalization of $1.458 billion, ENS holds the 92nd position in the global crypto market.
While the SMA continues to support the ENS price chart, the MACD indicator shows a decline in its green histogram, indicating a mixed price sentiment for the altcoin.
Maintaining the price above the support level of $40 could pave the way for Ethereum Name Service to reach its upper price target of $60. However, a trend reversal could see the price dropping to $35 in the coming month.
In conclusion, these three Ethereum-based altcoins show promising potential for significant gains in the near future. Investors are advised to conduct thorough research and consider the market conditions before making any investment decisions.