Ethereum-Based Altcoins such as ENS and ENA Surge by 5%, Will the Momentum Continue?

Amid elevated price volatility in the crypto market, the altcoin leader, Ethereum's price, continues to record a stable price action.

Asthecryptomarketexperiencesincreasedpricevolatility,thealtcoinleader,Ethereumpricecontinuestoshowcaseaconsolidatedpricemovementbytradingwithinarangeof$3.3Kand$3.4K.However,thealtcoinisonthevergeoftestingitsupperlevel,indicatingastrongbullishsentiment.Inlightofthis,topEthereum-basedaltcoinslikeEthereumNameService(ENS)andEthena(ENA)haveeachaddedover5%totheirrespectiveportfolioswithinthepast24hours.Willthesealtcoinscontinuegainingmomentumorerasetheirrecentgainsthisweek?EthereumNameService(ENS)PriceAnalysis:Afterrecordingapricecorrectionof6.56%withinthepastsevendaysand3.74%overthepastmonth,theENSpricehasrecordedajumpof8.21%initsportfoliooverthepast24hourswithachangeof-13.42%initstradingvolume.Ontheotherhand,thealtcoinhasadded146%invaluationthisyear,indicatingabullishsentimentinthelongterm.Thetechnicalindicator,MACD,displaysaconstantflatlineinitspricechart,indicatingaweakpriceactionfortheEthereum-basedtokeninthecryptospace.Moreover,theaveragesrecordaneutraltrend,suggestinguncertaintyinfutureactionfortheEthereumNameServiceprice.Ifthebullscontinuetogainmomentum,theENScoinpricewillpreparetoretestitsupperresistancelevelof$30inthecomingtime.However,incaseofabearishreversal,thealtcoinwilllosemomentumandheadtowarditslowof$19.10.EthenaPriceDisplaysIncreasedBullishPriceSentiment:TheENApricehasbeenconstantlytradingunderabearishsentimentforabriefperiodandhasplunged61.60%invaluationfromitspreviousATHof$1.52withinthepast3months.Positively,thisaltcoinhasjumpedapproximately5%withinthepastday,indicatingapotentialbullishreversal.TheSimpleMovingAverage(SMA)displaysahighpossibilityofapositivecrossoverinitspricechart,suggestingarisingbullishsentimentfortheEthenapriceinthecryptospace.Moreover,theRSIindicatorhassuccessfullytesteditsoversoldrangewithitsaveragerecordingapotentialbullishconvergenceinthe1Dtimeframe.Thishighlightsanincreaseinthebuying-over-sellingpressurefortheENAcoinpriceinthemarket.Ifthebullishsentimentintensifies,theEthenacryptowillstarttradingunderapositiveinfluenceandpreparetoheadtowarditsimportantresistancelevelof$1.Conversely,ifthebearsregainmomentum,theENAtokenwillplungetowarditscrucialsupportlevelof$0.525duringtheupcomingmonth.

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