Ethereum-Based Tokens Resist Bearish Heat Here's What's Next for ETC, ENS & LDO Prices!
The post Ethereum-Based Tokens Resist the Bearish Heat Here's What's Next for ETC, ENS & LDO Prices! appeared first on Coinpedia Fintech News
The anticipated launch of the Ethereum spot ETF is just minutes away. While broader market conditions were quite shaky due to fears of Mt. Gox, Ethereum & ETH-based tokens have shown significant strength. Therefore, these tokens are expected to trigger a strong uptrend as soon as Ethereum (ETH) price begins a small post-launch rally.
Service named Ethereum ( $ENS )
ENS, a distributed naming system on the Ethereum chain, has attracted significant attention recently. The price has been trading very close to the main resistance zone since the beginning of the year but has failed to break through this zone. However, recent price action suggests that the token could maintain a healthy growth trend thereafter and reach the desired range shortly from now.
The latest price action has sent ENS price into a key resistance zone between $27.54 and $29.26. The token has been unable to break out of the range since the beginning but the technicals show the growing strength of the bulls. The RSI recovers from the average, while the Bollinger bands are about to widen after the contraction. This shows that the bulls are waiting for the event, after which ENS price is expected to increase by 20% to reach $35.
Classic Ethereum ( $ETC )
For more than a few months, the ETC price has been under enormous downward pressure and lost over 50% of its value. However, prices maintained a significant uptrend despite the bearish start to the month. Technical indicators have tilted in favor of the bulls and hence the price is expected to maintain a healthy growth momentum thereafter.
ETC price underwent a parabolic recovery to reach the neckline but could not overcome the key resistance zones of $37.50 and $40. Since then, the price has been trading within a parallel descending channel. The rebound from the channel's lower support and consecutive bullish candles demonstrate a reversal from the bearish influence. Additionally, the MACD is about to experience a bullish crossover, confirming the bullish claims. Therefore, a rise towards the resistance level is imminent if the trade closes the current weekly trade on a bullish signal.
Read DAO ($LDO )
LDO price has been trading under a bearish influence since the beginning of the year and despite a bullish recovery, a trend reversal remains unconfirmed. The bulls are trying their best to reverse the trend but a small bearish attack could force the price to remain in the downtrend.
The latest recovery does not appear to affect technical indicators, which remain neutral for now. The RSI is showing the possibility of another lower high, while the Ichimoku cloud is close to creating a bullish crossover. Therefore, this suggests that LDO price may continue to trade in a similar pattern and reach the channel's mid-band at $1.52, which could trigger a major rally afterward.
This is not investment advice, this is good advice.
