Top Altcoins To Stack As the Ethereum ETF Launch Approaches!

With the rising volatility in the cryptocurrency market, the Ethereum price continues to hover above its $3,500 mark, highlighting an increase in the bullish sentiment in the crypto space.

Further, with the Ethereum ETF listing hours away, the altcoin leader is predicted to gain momentum and record a strong bullish action, possibly achieving the $4,000 mark this week.

Scroll down as, in this article, we have covered the top Ethereum-based tokens that have a high potential of recording a massive surge in their respective portfolio following the ETH ETF launch.

Ethereum Classic (ETC) Price Action:

Despite recording a correction of approximately 2% within the past 24 hours, the Ethereum Classic price has 2.26% over the past week. Further, with a trading price of $23.49 and a market cap of $3.472 Billion, this altcoin has secured the 27th position in the global crypto list.

The EMA 50-day acts as a resistance to the ETC price chart in the 1D time frame. Further, the MACD indicator displays a constant green histogram. This highlights increased price action in the crypto space.

If the bulls regain momentum, the Ethereum Classic price will prepare to test its upper resistance level of $29 during the upcoming weeks. Conversely, if the bears dominate the market, the ETC coin price will retest its low of $22 this month.

Ethereum Name Service (ENS) Price Analysis:

The ENS price has gained significant attention from the crypto market over the past months, resulting in it adding over 150% to its valuation this year. With a market capitalization of $861.161 Million, it is currently trading at a discount of 69.48% from its previous ATH of $85.69.

The Relative Strength Index (RSI) continues to hover close to its mid-point in the 1D time frame. However, the average has recorded a bearish convergence in the 1D time frame, suggesting a mixed sentiment for the altcoin in the cryptocurrency market.

If the market records a positive price action following the ETH ETF listing, the ENS price will start trading under a bullish sentiment. This could result in the altcoin heading toward its upper high of $32.50. However, bearish action could pull the Ethereum Name Service price toward its low of $22.75.

Ethena (ENA) Price Action:

Amid increased price volatility in the crypto market, the Ethena price has plunged approximately 5% within the past day with a trading volume of $72.80 Million. However, it has added 9.09% over the last week, resulting in its securing the 89th position with a market cap of $789.93 Million.

The technical indicator, RSI, has failed to test its neutral point with its average recording a negative action. This highlights a weak buying and selling pressure for the altcoin in the market.

The Moving Average Convergence Divergence (MACD) displays a constant decline in the green histogram with its averages showing a neutral action. This indicates a declined price action for the Ethena price.

If the market starts trading under a bullish sentiment, the ENA price will regain momentum and prepare to test its upper resistance level of $1.075 during the upcoming weeks. On the flip side, the altcoin could plunge toward its crucial support level of $0.375.