Price Analysis

Ethereum-Based Tokens Show Strength: ENS Price Surge While Lido DAO Trying to Maintain Bullish Streak

The Ethereum price has been trading close to $3400, even though the bears are trying their best to slash the levels below $3200. In the meantime, Ethereum Name Service (ENS) is forming a constant ascending trend, which will end up reclaiming the price’s initial highs. The token has triggered a strong rebound and surged iconically, which suggests the price is self-assured of achieving new highs in the second half of the year. 

As seen in the above chart, the ENS price has been ranging very close to the crucial resistance zone, which it has been failing to surpass since the start of the year. After constant rejections from the zone between $27.82 and $29.16, it has become one of the crucial ranges to achieve. Meanwhile, the trend continues to remain bullish as the on-balance volume (OBV) continues to maintain an ascending trend, which indicates the positive volume continues to outperform the bearish activity. 

On the other hand, the DMI contracts tightly which suggests the price is under some pressure, resulting in a bullish breakout beyond the upper resistance. Therefore, the start of the year’s second half could be extremely bullish as a continued ascending trend may push the price toward a new ATH, probably gaining a 3-digit price. Meanwhile, the Lido DAO (LDO) price which had been extremely bullish is consolidating and hence a revival of a bullish trend could be imminent. 

Although the LDO price has reduced its pace, the token remains within a bullish range as it is testing the upper resistance of the decisive symmetrical triangle. The MACD is bullish and has risen into the positive range, while the Gaussian channel has just turned bullish. Once the levels surpass the upper range of the channel, a fresh ascending trend could help the price break out of the consolidation. 

Collectively, the Ethereum-based tokens, Ethereum Name Service (ENS) and Lido DAO (LDO) prices are on their way to rise above the ascending accumulation and mark new highs for the year.  

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