Ethena Price Prediction: ENA Is Top Trending After SEC Approves Ethereum ETFs, And Experts Say Consider This Rampant ICO For 100X Gains

#EarnFreeCrypto2024 #altcoins #BinanceLaunchpool #BlackRock #buythedip The Ethena price dropped by a fraction of a percentage to trade at $0.84 as of 02:54 a.m. EST on trading volume that soared 167% to $770 million.

But ENA was still the top trending crypto on CoinMarketCap after the U.S. Securities and Exchange Commission (SEC) approved eight Ethereum ETFs (exchange-traded funds), in what was seen as a landmark regulatory breakthrough for the crypto industry.

Despite the news, ETH plunged 4% in the last 24 hours to trade at $3,667 as traders sold on the news. As Ethena is built on the Ethereum blockchain, its performance was also dragged back. But it’s still up almost 19% in a week, fired by expectations of ETH ETF approvals.

The Ethena price retraced in May, dropping from the $0.89 resistance to find support around $0.65, data from GeckoTerminal shows. ENA bulls may have gained control at this level, pushing the price back to the $0.89 resistance. However, ENA then dropped back to the $0.80 support.

With the news, ENA soared to the $0.89 resistance, forming the handle part of a cup and handle pattern, as the bulls aim to capitalize on it to push the price above. ENA is trading above the 50-day Simple Moving Average (SMA), which acts as the immediate support level of around $0.78. If the bulls sustain the bullish rally over this support, ENA will soar over the 200-day SMA, trading at $0.8419.

Moreover, the Relative Strength Index (RSI) trades above the 50-midline level as it drops, which coincides with the current price drop.

On the 4-hour chart, ENA seems to be on a bullish long-term rally, with the Average Directional Index (ADX) trading above level 25, currently at 33, which shows that ENA is on a strong bullish trend.

Ethena Price Prediction

The technical and fundamental analysis of Ethena’s price indicates that ENA is poised to continue surging over the cup and handle pattern as the bulls set their sights on $1.15.