The post Ethereum-Based Tokens Fight the Bearish Heat Here’s What’s Next for ETC, ENS & LDO Prices! appeared first on Coinpedia Fintech News
The much-awaited launch of the spot Ethereum ETF is just a few moments away from now. While the broader market condition is pretty shaky due to the Mt. Gox fear, Ethereum & ETH-based tokens have been displaying significant strength. Therefore, these tokens are believed to trigger a strong ascending trend as soon as the Ethereum (ETH) price initiates a minor bull run after the launch.
Ethereum Name Service (ENS)
ENS, a distributed naming system on the Ethereum chain, has gained significant attention in recent times. The price has been trading very close to the major resistance zone since the start of the year but has failed to surpass the zone. However, the recent price action suggests the token could maintain a healthy upswing hereafter and achieve the desired range in a short while from now.
The latest price action has caused the ENS price to enter the pivotal resistance zone between $27.54 and $29.26. The token has failed to break through the range since the beginning but the technicals suggest the growing strength of the bulls. The RSI rebounded from its average levels, while the Bollinger bands are about to expand from the contraction. This suggests the bulls are waiting for the event, after which the ENS price is expected to soar by 20% to reach $35.
Ethereum Classic (ETC)
For over a couple of months, the ETC price has been withstanding tremendous bearish pressure and lost over 50% of its value. However, the price has been maintaining a significant ascending trend regardless of the bearish start for the month. The technicals have turned in favour of the bulls and hence the price is believed to maintain a healthy upswing hereafter.
The ETC price underwent a parabolic recovery to reach the neckline but failed to surpass the crucial resistance zones of $37.5 and $40. Since then, the price has been trading within a descending parallel channel. The rebound from the lower support of the channel and the consecutive bullish candles substantiate a flip from the bearish influence. Besides, the MACD is about to undergo a bullish crossover, validating the bullish claim. Hence, a rise towards resistance is imminent if the trade closes the current weekly trade on a bullish note.
Lido DAO (LDO)
The LDO price has been trading under a bearish influence since the start of the year and despite a bullish rebound, the trend reversal has not been validated. Bulls are trying hard to reverse the trend but a minor bearish attack could compel the price to remain within a bearish trend.
The latest rebound may not appear to have influenced the technicals, which remain neutral at the moment. The RSI is displaying the possibility of forming another lower high, meanwhile, the Ichimoku cloud is close to triggering a bullish crossover. Therefore, this indicates the LDO price may continue to trade within a similar pattern and hit the average bands of the channel at $1.52, which may trigger a huge upswing thereafter.
