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ETH & SHIB Rebounds with 2% Gains, ENA Jumps 10% – Crypto News

Published

1 year ago

April 6, 2024

Dripp

Crypto Price Prediction: On April 6th-Saturday, the altcoin market witnessed a notable inflow despite the flatline trading in Bitcoin. In the last 24 hours, the top altcoins like Ethereum (ETH), Solana (SOL), and XRP witnessed a 2% jump, while Avalanche (AVAX) and Dogecoin (DOGE) showed a 5-6% hike.

The leading digital asset Bitcoin recently witnessed a renewed bullish stand in US-listed BTC ETFs. On April 5th, Bitcoin spot ETFs showed a notable uptick with $203 million in net inflows, marking a fourth day of positive movement, as reported by Wublockchain. Conversely, the Grayscale ETF GBTC experienced $198 million in outflows, contributing to its historical net outflows of $15.51 billion.

According to SoSoValue, the total net inflows for Bitcoin spot ETFs yesterday were $203 million, marking 4 consecutive days of net inflows.

The Grayscale ETF GBTC experienced a net outflow of $198 million for the day, with GBTC’s total historical net outflow reaching $15.51… pic.twitter.com/SGU6TgsPW3

— Wu Blockchain (@WuBlockchain) April 6, 2024

With limited signals for correction trend continuation, the broader trend in the crypto market remains bullish offering a suitable pullback opportunity for traders.

Also Read: 4 Under $10 Crypto To Buy To Flip $50 Into $5000 In April

1)Ethereum (ETH)

BINANCE:ETHUSD Chart — Ethereum (ETH)| Tradingview

Ethereum stands out as a pioneering blockchain platform that enables the creation of smart contracts and decentralized applications (dApps). Its native cryptocurrency, Ether (ETH), powers transactions and applications on the network.

The ETH price currently trades at $3333 with an intraday gain of 0.4%. This asset entered a correction trend in March’s third week, leading to a downfall of 19% from $4090. The current market cap of Ethereum stands at $400 Billion, with an intraday trading volume of $12 Billion.

However, the correction trend wavering above the 38.2% Fibonacci retracement level indicates the broader trend remains bullish. Furthermore, the buyers could challenge an overhead resistance trendline of the daily chart, if the Ethereum price witnesses renewed recovery at key pullback support like $3000 and $2800.

A breakout above this barrier will signal the resumption of the recovery trend.

Also Read: Ethereum Price: What’s Happening With Ethereum; Will It Recover To $4000 Before Halving?

2) Shiba Inu (SHIB)

BINANCE:SHIBUSDT Chart — Shiba Inu (SHIB)| Tradingview

Shiba Inu (SHIB) originated as a meme cryptocurrency but has evolved into a project with its own decentralized exchange, ShibaSwap, and an expanding ecosystem that includes NFTs and a metaverse initiative, “Shiberse.

This memecoin has been under a correction trend for over a month, with the price falling from $0.0000456 to $0.0000236, registering a 41.5% loss. However, the pullback observed in the daily chart shows the formation of a bullish continuation pattern called ‘Pennant.’

Currently, the SHIB coin market cap stands at $16 Billion, while 24-hour trading volume stands at $408 Million. Under the influence of the pennant pattern, the Shiba Inu price breached the overhead trendline as a signal of uptrend continuation.

The post-breakout rally may propel the Shiba Inu price to a high of $0.0000456.

Also Read: Shiba Inu Coin Price: Why Expert Insight Hints 70% Surge This Weekend

3) Ethena (ENA)

Ethena (ENA) is a synthetic dollar protocol developed by Ethena Labs, leveraging the Ethereum blockchain to provide a decentralized finance (DeFi) platform. ENA stands out with its focus on stability and high-yield opportunities, which may attract those looking for passive income within their investment portfolios.

Amid the last three corrections in tandem with a broader market sell-off, the Ethena price formed a bullish flag pattern. In theory, this chart pattern leads to a minor pullback to recuperate the exhausted bullish momentum.

This correction trend bottomed at $0.86 yesterday and rebounded 30% to trade at the $1.11 mark. The Ethena coin shows the current market cap of $1.59 Billion, while trading volume stands at $1.01 Billion.

Experiencing a 10% surge today, the ENA price has surpassed the upper boundary of its trading pattern, indicating a potential rally that could extend beyond $1.32.

Takeaway

The short-term trend of the cryptocurrency market remains bearish as a majority of major coins plummeted notability from their last peak. With the largest cryptocurrency by market cap Bitcoin yet to offer a strong signal of renewed recovery, the correction/consolidation trend also prolongs for altcoins. Thus, the upcoming Bitcoin halving, scheduled for the latter half of April, stands as a pivotal event in the cryptocurrency market, potentially setting the direction for market trends.