Price Analysis View Non-AMP

Altcoins Rally Halts! Ethereum Classic And ENA Price Hints At A 10% Downtrend?

Published by
Elena R

The cryptocurrency market has recorded a negative price action despite approval of the spot Ethereum ETF by the SEC. following this, top Ethereum-based altcoins have displayed a similar trend by experiencing a significant correction in their respective portfolios.

However, with the market leader, BTC price displaying a consolidated trend, the mid-cap and low-cap altcoins continue to showcase a bullish price sentiment in the crypto space, highlighting a high possibility of an altcoin rally during the upcoming months.

Ethereum Classic Successfully Retests Its Support Zone:

The ETC price continues to display a positive price action by recording a jump of 10.46% within the past seven days and 12.49% over the past 30 days. Moreover, the Ethereum Classic price has a Year-to-Date (YTD) return of 43.10%.

Positively, the ETC token has successfully retested its support zone above the support level of $29, indicating an increase in the bullish sentiment for the altcoin. Moreover, the EMA 50/200-day records a positive price movement, suggesting a bullish outlook in the coming time.

The Moving Average Convergence Divergence (MACD) displays a constant decline in the green histogram, indicating a decline in the buying pressure within the crypto space. However, the averages show a constant uptrend, suggesting a mixed sentiment for the Ethereum Classic price.

If the market records a bullish price action, the ETC price will prepare to test its upper resistance level of $36 in the coming time. Conversely, a bearish price sentiment coils result in the altcoin testing its important support level of $29 this month.

ENA Price Forms A Bullish Flag Pattern!

Despite recording a correction of less than 1% within the past 24 hours, the Ethena price has added 18.64% to its portfolio over the past seven days. With a trading price of $0.8437 and a market cap of $1.275 Billion, the ENA token has secured the 70th spot on the global crypto market list.

Furthermore, the ENA token has formed a bullish flag pattern in the 4H time frame and is on the verge of testing its support trendline, the outcome of which is unpredictable. Moreover, the SMA records a bearish cross-over, indicating an increase in the selling pressure.

The Relative Strength Index (RSI) has failed to breach its overbought range, resulting in it recording a sharp drop. Further, the averages show a bearish convergence, suggesting a negative outlook for the ENA price in the coming time.

If the market holds its price above the support level of $0.8406, the bulls will regain momentum and prepare to test its resistance trendline. Negatively, if the bears overpowered the bulls, the Ethena price will retest its lower support level of $0.7525 this month.

Also Check Out : Will Ethereum Follow Bitcoin’s Footsteps & Undergo a 20% Retrace for the Next 15 Days?

Elena R

Elena is an expert in technical analysis and risk management in cryptocurrency market. She has 10+year experience in writing - accordingly she is avid journalists with a passion towards researching new insights coming into crypto erena.

Recent Posts

North Korea Laundered $7.7M in Crypto: DOJ Reveals

The U.S. Department of Justice (DOJ) has seized over $7.74 million in cryptocurrency allegedly laundered…

June 6, 2025

Why are Bitcoin and XRP Prices Going Down Today?

The cryptocurrency market is feeling the heat today, with both Bitcoin and XRP taking hits.…

June 6, 2025

Elon Musk vs Donald Trump: What Led To a Billion-Dollar Fallout?

Elon Musk and President Donald Trump’s public clash took a dramatic turn on Friday. In…

June 6, 2025

What Is Pi Network’s GCV and Why Is Everyone Talking About It?

Pi Network's GCV has become one of the most discussed topics in the community lately.…

June 6, 2025

Why is the Crypto Market Down Today?

The cryptocurrency market is taking a hit today, with major players like Bitcoin, XRP,  Ethereum,…

June 6, 2025

XRP Price Pullback Isn’t Over Yet, Crashes 5% to $2

XRP is currently down by more than 5% and is trading at $2.06 at the…

June 6, 2025