Ethena (ENA) and Ethereum (ETH) Prices Surge – Here’s Why

2024-11-7 10:45

The Ethereum ecosystem appears to be waking up today. In the last 24 hours, Ethereum has significantly outperformed Bitcoin – a rare occurrence in this bull run.

ETH’s price has jumped 8%, now trading slightly above $2,800. Meanwhile, Bitcoin has shown modest gains of 0.6%. While BTC continues to trade well above its previous all-time high from March, Ethereum remains 42% below its 2021 peak, despite today’s uptick.

ETH/BTC Technical Analysis Shows Promise

Bitcoin maximalist Benjamin Cowen shared an interesting observation on X regarding the ETH/BTC chart: “If it can get above the 50D SMA, then there is a good chance that ETH/BTC has bottomed.”

I would watch #ETH / #BTC here.

If it can get above the 50D SMA, the there is a good chance that ETH/BTC has bottomed. pic.twitter.com/dXNYj2sDvY

— Benjamin Cowen (@intocryptoverse) November 7, 2024

In simpler terms, this means that if Ethereum’s price relative to Bitcoin moves above its 50-day average price, it could signal the end of ETH’s underperformance against Bitcoin. This technical indicator often suggests a potential trend reversal, which could lead to a stronger ETH performance in the coming weeks.

Read also: Solana Price Positions for Spike Above $200, Breaking 8-Month Resistance; DOGE Must Break Key Level for More Upside

Ethena’s Growth and Proposed Changes

Ethena (ENA) typically follows Ethereum’s price movements, and today is no exception – the token has surged 30%, reaching approximately $0.53.

Adding to the momentum, Wintermute has proposed activating the fee switch for Ethena’s sENA token to better align token holders’ interests with the protocol’s growth.

Wintermute just proposed to turn fee-switch on for Ethena's sENA to align ENA holders with the protocol's growth.

They claim that Ethena generates significant revenue, showing PMF for USDe but sENA holders don't benefit from it.$ENA is up by 36% today. pic.twitter.com/7LPg4ij1RR

— Ignas | DeFi (@DefiIgnas) November 6, 2024

The proposal comes as Ethena demonstrates significant revenue generation and product-market fit for USDe, though currently, sENA holders don’t share in these benefits. This move could potentially create a more sustainable economic model for the protocol’s stakeholders.

Even though traders reacted positively on this news, it remains to be seen whether we are too late to the “Ethena party”. If the momentum continues, the the ENA price might revisit $0.7-0.8 range later this week.

Follow us on X (Twitter), CoinMarketCap and Binance Square for more daily crypto updates.
Get all our future calls by joining our FREE Telegram group.

We recommend eToro Don’t invest unless you’re prepared to lose all the money you invest. This is a high-risk investment and you should not expect to be protected if something goes wrong. Take 2 mins to learn more Visit eToro Now Active user community and social features like news feeds, chats for specific coins available for trading.
Wide range of assets: cryptocurrencies alongside other investment products such as stocks and ETFs.
Copy trading: allows users to copy the trades of leading traders, for free.
User-friendly: eToro’s web-based platform and mobile app are user-friendly and easy to navigate.

The post Ethena (ENA) and Ethereum (ETH) Prices Surge – Here’s Why appeared first on CaptainAltcoin.

origin »

Ethereum (ETH) на Currencies.ru

$ 1887.98 (+0.66%)
Объем 24H $18.09b
Изменеия 24h: -0.76 %, 7d: -12.75 %
Cегодня L: $1842.67 - H: $1887.98
Капитализация $227.717b Rank 2
Цена в час новости $ 2827.19 (-33.22%)

ethereum eth rare occurrence bitcoin outperformed price

Источник: captainaltcoin.com

ethereum eth → Результатов: 126


Трейдеры ждут восстановления Ethereum

Ethereum (ETH) торгуется ниже $3 500 уже семь дней, что является следствием более широких медвежьих настроений на крипторынке. Цена упала на 13% от максимума $3 744, достигнутого 6 января Несмотря на недавнее падение цены ETH, ключевые ончейн-индикаторы показывают, что держатели Ethereum сохраняют оптимизм в отношении краткосрочных перспектив альткоина.

2025-1-15 09:03


Анализ: Когда Ethereum вернется к $4 000

Обстоятельства вокруг Ethereum (ETH) складываются весьма благоприятно — текущая поддержка инвесторов и бычьи сигналы ключевых индикаторов готовы обеспечить криптовалюте твердую почву, благодаря которой Эфир сможет вернуться к максимумам 2024 года Разбираемся, что происходит на рынке Ethereum (ETH) и когда ждать прорыва ключевых уровней.

2025-1-7 13:55


Фото:

Ethereum Spot ETFs Attract Record $295 Million Daily Inflows – Is ETH Set For New Highs?

Ethereum (ETH) appears to be finally waking from its slumber, surging nearly 37% in the past week following Bitcoin’s (BTC) all-time-high (ATH) rally. Spot Ethereum ETFs Record Daily Inflows Ethereum, the second-largest cryptocurrency with a market cap of approximately $404 billion, is now gaining ground on BTC, with the platform’s ETH token jumping more than 35% over the past week.

2024-11-13 12:30


дальше еще 77 новостей →

Партнеры Currencies.ru



Реклама на Currencies.ru

Самое свежее на Currencies.ru