Ethereum Price on the Rise and Ethena’s ENA Token Expected To Perform Well

By: Eliza Bennet

While Ethereum (ETH) maintains a bullish sign above the $3,500 zone, gains for the Ethena prelaunch futures point towards a promising market debut for the ENA token. ETH is anticipated to garner bullish momentum if it surpasses the $3,680 resistance zone. The digital currency recently retested the $3,450 level, moved above $3,520, and continued trading above $3,520 and a 100-hourly Simple Moving Average. Its following resistance is around $3,680 and if exceeded, ETH is expected to rally towards $4,000.

On the other side, Ethena's prelaunch futures have surged by 22% suggesting a market capitalization of over $500 million at the token's debut. This surge indicates that investors are optimistic about the token's performance once it goes live.

In case ETH fails to overcome the resistant at $3,630, it might see another decrease, with its first significant support near the $3,480 zone. If it drops below the $3,450 support level, ETH could head towards $3,325 and any additional losses could potentially send the price towards $3,250.

Moving forward, traders and investors will be closely monitoring these digital assets as they could influence the crypto market's general movement.