The Ethereum ecosystem appears to be waking up today. In the last 24 hours, Ethereum has significantly outperformed Bitcoin – a rare occurrence in this bull run.
ETH’s price has jumped 8%, now trading slightly above $2,800. Meanwhile, Bitcoin has shown modest gains of 0.6%. While BTC continues to trade well above its previous all-time high from March, Ethereum remains 42% below its 2021 peak, despite today’s uptick.
ETH/BTC Technical Analysis Shows Promise
Bitcoin maximalist Benjamin Cowen shared an interesting observation on X regarding the ETH/BTC chart: “If it can get above the 50D SMA, then there is a good chance that ETH/BTC has bottomed.”
I would watch #ETH / #BTC here.If it can get above the 50D SMA, the there is a good chance that ETH/BTC has bottomed. pic.twitter.com/dXNYj2sDvY
— Benjamin Cowen (@intocryptoverse) November 7, 2024
In simpler terms, this means that if Ethereum’s price relative to Bitcoin moves above its 50-day average price, it could signal the end of ETH’s underperformance against Bitcoin. This technical indicator often suggests a potential trend reversal, which could lead to a stronger ETH performance in the coming weeks.
Read also: Solana Price Positions for Spike Above $200, Breaking 8-Month Resistance; DOGE Must Break Key Level for More Upside
Ethena’s Growth and Proposed Changes
Ethena (ENA) typically follows Ethereum’s price movements, and today is no exception – the token has surged 30%, reaching approximately $0.53.
Adding to the momentum, Wintermute has proposed activating the fee switch for Ethena’s sENA token to better align token holders’ interests with the protocol’s growth.
Wintermute just proposed to turn fee-switch on for Ethena's sENA to align ENA holders with the protocol's growth.They claim that Ethena generates significant revenue, showing PMF for USDe but sENA holders don't benefit from it.$ENA is up by 36% today. pic.twitter.com/7LPg4ij1RR
— Ignas | DeFi (@DefiIgnas) November 6, 2024
The proposal comes as Ethena demonstrates significant revenue generation and product-market fit for USDe, though currently, sENA holders don’t share in these benefits. This move could potentially create a more sustainable economic model for the protocol’s stakeholders.
Even though traders reacted positively on this news, it remains to be seen whether we are too late to the “Ethena party”. If the momentum continues, the the ENA price might revisit $0.7-0.8 range later this week.
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The post Ethena (ENA) and Ethereum (ETH) Prices Surge – Here’s Why appeared first on CaptainAltcoin.
