With Bitcoin and Ethereum rising, the crypto market is showing signs of recovery, positively impacting tokens like Ethereum Classic and Ethereum Name Service.
Ethereum Classic Breaks Out of Falling Wedge
Ethereum Classic (ETC) has decisively broken out of a falling wedge pattern, a bullish technical formation indicating a trend reversal. After weeks of consolidation, the token surged above $17.71, confirming renewed buying interest. It has since climbed to $18.24. If it maintains this bullish momentum, the next resistance levels lie at the 50-day moving average and the $21.90 price zone. A strong push above these levels could lead to a rally towards the $29.00 region, representing a potential 58% upside from current levels.
ENS Gearing Up for a Potential Breakout
Ethereum Name Service (ENS) is following a similar pattern to ETC, trading inside a falling wedge since hitting its all-time high of $50.50. The token recently bounced off its lower trendline support at $15.14 and is now trading at $17.76, approaching a critical breakout zone. A confirmed breakout and successful retest of the wedge’s upper boundary could propel ENS towards its 50-day moving average and the $24.59 resistance zone. A sustained rally from there could see it reaching the $29.00 level and the 100-day moving average, marking a potential 64% upside from current levels.
Final Thoughts
ETC’s breakout has set the stage for further upward movement, while ENS is at a crucial decision point. Should ENS follow ETC’s trajectory, traders might witness a strong bullish move in the coming days. As always, market participants should closely monitor price action, volume confirmation, and key resistance levels before making investment decisions.
Under current market conditions, it is important to exercise caution and monitor cryptocurrency price changes to make informed financial decisions.
