After the recent official statement and the signing of the crypto executive order by former US President Donald Trump, the cryptocurrency market has taken a bullish turn. The altcoin segment has particularly gained a lot of attention, sparking speculations of an upcoming altcoin season.
Investors are now pondering whether it is the right time to invest in altcoins and which ones to keep an eye on during this potential altcoin season. In this article, we will delve into the short-term price analysis of some of the top tokens on the Ethereum chain.
Ethereum (ETH)
Following a bearish trend over the past week, the price of Ethereum (ETH) has experienced a strong bullish recovery. With a trading volume of $35.198 billion, ETH has seen a 4.79% increase in value, bringing its market cap to $407.17 billion and dominance to 11.28%.
The Relative Strength Index (RSI) for Ethereum has been hovering around the neutral point on the price chart. The average trendline is acting as a support, indicating a bullish price action.
If the market favors the bulls, ETH could break out of its resistance trendline and head towards its high of $3,700. However, a bearish reversal may see the token dropping to its low of $3,100 this month.
Ethereum Classic (ETC)
Ethereum Classic (ETC) has maintained a positive price action, with a 6.67% increase in the last 24 hours. The coin has surged approximately 14% this year, with a market capitalization of $4.288 billion, securing the 34th position.
The Moving Average Convergence Divergence (MACD) indicator shows a steady rise in the green histogram, with the averages on an upward trajectory. The EMA 50/200-day trendline also suggests that ETC may continue to gain value in the coming weeks.
Keeping the price above the support level of $28 could pave the way for ETC to reach its resistance level of $33.50. Conversely, a bearish scenario could see the price testing its low of $22.50.
Ethereum Name Services (ENS)
Ethereum Name Services (ENS) has made it to the daily top gainers list with a 10.86% increase and a trading volume of $257.747 million. The coin has seen a 3.12% rise in the last seven days and a 4.87% increase this year, indicating a positive market influence.
The Simple Moving Average (SMA) is acting as a support on the ENS price chart, while the RSI indicator shows a bullish rise above the neutral point. This suggests a higher buying pressure for the ETH-based token.
A breakout from the symmetric triangle pattern could propel the ETC price towards its upper resistance level of $50 in the near future. On the flip side, a bearish rejection might lead to a drop towards the immediate support trendline at $31 this month.
For a deeper understanding of the fundamentals and long-term price outlook of ENS, check out CoinPedia’s Ethereum Name Service Price Prediction.
FAQs
- How much will 1 Ethereum be worth in 2030?
With increased real-world adoption, the ETH price could reach a maximum trading price of $15,575 by 2030. - Can Ethereum reach $100,000?
For Ethereum to reach $100,000, it would require a surge of 2,853.88% in its current valuation. - Is ETC a good investment?
If the bullish sentiment persists, Ethereum Classic price could hit a high of $55 this year. - What is the ENS price?
At the time of writing, the value of one Ethereum Name Service price was $36.12. - How long does the Altcoin Season last?
Historically, an AltSeason typically lasts for about 3 months.In conclusion, the recent bullish turn in the cryptocurrency market, especially in the altcoin segment, has sparked excitement among investors. Keeping a close eye on tokens like Ethereum, Ethereum Classic, and Ethereum Name Services could lead to potential investment opportunities during this altcoin season.