Ethereum-Based Tokens Sky-High With the SEC’s Big Move: LDO & ENS Prices Approach Crucial Resistance

The crypto market sentiments have flipped slightly bullish with the SEC withdrawing their investigation into Ethereum 2.0. With this, the ETH price reached levels above $3,500, while the Ethereum-based tokens ENS & LDO have also been displaying acute strength, aiming for a massive upswing. 

Lido DAO (LDO) Price Analysis

Lido DAO, a liquid staking solution for Ethereum, gained huge attention during the Ethereum merger. Since then, the native token LDO also maintained a decent trend, which was further intensified when the markets turned bullish in the last few weeks of 2023. After a tough fight with the bears, the LDO price managed to surge above the crucial ‘trend-reversal’ zone, eyeing clearing the descending resistance zone in the coming days. 

The above chart shows the bullish momentum being piled up within the LDO price rally as the token rejected to slice down the support. With a huge bullish wick, which indicates huge buyer support, the price clears one of the crucial resistance at $2.17 and is about to test the next one at $2.63. These both are trend reversal zones and a clear surpass may indicate a huge backing from the buyers. Technically, this move may be on the horizon as the Gaussian channel turned bullish and the price is testing the upper band of the channel.

Alongside, the OBV or on-balance volume, rebounded and is heading towards the upper threshold, suggesting the beginning of a fresh bullish push. Therefore, the Lido DAO price may hit the upper resistance of the triangle, but a steep increase in the ETH price is mandatory. 

Ethereum Name Service (ENS) Price Analysis

Ethereum Name Service, a distributed, open, & extensible naming system on Ethereum, has soared by more than 15% since the early trading hours. The platform witnessed a notable rise of over 40% in its trading volume, clearing an interim resistance at $25.14. Now that the ENS price is just 10% away from forming new yearly highs, another bullish push could propel the price beyond $30. 

The ENS price has been trying hard to clear the crucial resistance zone between $27.61 and $29.18 since the beginning of the year. Unfortunately, this move has always resulted in a rejection and a decent pullback. The price is again about to enter the zone, but the technicals do not support a breakout. The RSI is very close to the upper threshold while the DMI flashes bearish signals. 

Therefore, the ENS price is believed to rise slightly and enter the resistance zone, but may again fail to sustain, causing a pullback that may end up in an extended consolidation just below $25. This trend is expected to change only when the entire market sentiment turns bullish or until Ethereum’s price does not reach $4000.