Top Ethereum-Based Tokens to Watch as ETH ETF Launch Nears

With the rising volatility in the cryptocurrency market, the Ethereum price continues to hover above its $3,500 mark

The cryptocurrency market continues to experience high volatility, with the Ethereum price remaining above the $3,500 mark, indicating a rise in bullish sentiment.

With the listing of the Ethereum ETF just hours away, the altcoin is expected to gain further momentum and record strong bullish activity. This could lead to the ETH price reaching the $4,000 level by the end of the week.

In this article, we will highlight some of the top Ethereum-based tokens that have the potential to experience a significant surge in their respective portfolios following the ETH ETF launch.

Ethereum Classic (ETC) Price Action

Despite experiencing a slight correction of about 2% in the last 24 hours, the Ethereum Classic price has risen by 2.26% over the past week.

With a trading price of $23.49 and a market cap of $3.472 Billion, this altcoin is currently ranked 27th on the global crypto list.

On the 1D time frame, the EMA 50-day acts as a resistance to the ETC price chart. Additionally, the MACD indicator displays a continuous green histogram, indicating an increase in price activity.

If the bulls gain strength, the Ethereum Classic price is set to test its upper resistance level of $29 in the upcoming weeks. However, if the bears dominate the market, the ETC coin price could retest its low of $22 this month.

Ethereum Name Service (ENS) Price Analysis

The ENS price has garnered substantial attention in the crypto market over the past few months, leading it to add over 150% to its valuation this year.

Currently trading at a discount of 69.48% from its previous ATH of $85.69, this altcoin has a market capitalization of $861.161 Million.

In the 1D time frame, the Relative Strength Index (RSI) continues to hover close to its mid-point. However, the moving average has recorded a bearish convergence in the 1D time frame, indicating 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 lead to 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

Amidst increased price volatility in the crypto market, the Ethena price has declined approximately 5% in the past day, with a trading volume of $72.80 Million.

Over the last week, it has added 9.09%, 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 moving average recording a bearish action. This highlights a weak buying and selling pressure for the altcoin in the market.

The Moving Average Convergence Divergence (MACD) displays a continuous 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.

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