The cryptocurrency market is witnessing a surge in the prices of Ethena (ENA) and Arbitrum (ARB), amidst the recent surge in Ethereum price. This price action comes amidst growing optimism surrounding the potential approval of an Ethereum ETF and favorable technical indicators.
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Ethena (ENA) Price Soars on Falling Wedge Breakout
Ethena (ENA) has experienced a 19.33% increase in the past 24 hours, with its price currently sitting at $0.8657. The token’s price performance has ranged from a low of $0.7148 to a high of $0.8782 during this period.
According to a tweet by Captain Faibik, ENA’s price action has confirmed a falling wedge breakout, which appears promising for a potential 50% bullish rally in the short term. This technical pattern is often considered a bullish signal, indicating a possible trend reversal.
Insider Activity Fuels ENA’s Price Action
Spot On Chain has highlighted the activities of a multisig wallet linked to “lemmasolutions.eth,” which has made a substantial profit of $1.87M (+19%) from ENA in just four days.
This multisig has withdrawn a total of 13.86M ENA from Gate.io since May 17, with the latest withdrawal occurring 17 hours ago, just before the price soared. The average entry price for this wallet was $0.731, with an estimated cost of $10.13M, and the holdings are now worth $12M.
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Show more +Arbitrum (ARB) Price Breaks Trendline Resistance
Arbitrum (ARB) has also seen a price increase, rising by 25% in the past 24 hours. The token is currently trading at $1.21, with a 24-hour low of $0.968 and a high of $1.22
A post by Coin Mastermind on CoinMarketCap notes that ARB has broken out from the trendline resistance. Investors are advised to watch for a potential pullback (retest) and, upon confirmation, expect another bullish leg.
BlackSheepCryptoTrading, a popular crypto analyst on X, has shared a chart analysis of ARB, indicating that the token was a good trigger for a long position at $0.99.
The analyst suggests that they will be a buyer if ARB reclaims the $1.19 level, with targets set at $1.27 and $1.42. Additionally, they note that intraday traders can consider longing ARB at $1.04 if there is a leverage flush on Bitcoin (BTC). Since this tweet, the ARB price actually “reclaimed” $1.19 level.
Ethereum ETF Optimism Boosts Market Sentiment
The recent surge in the prices of ENA and ARB can be attributed, in part, to the growing optimism surrounding the potential approval of an Ethereum ETF.
According to a tweet by Santiment, Bloomberg has assessed that the likelihood of an Ethereum ETF approval has increased from 25% to 75%. This news has led to an increase in the market capitalization of Ethereum and the entire altcoin market, with ETH crossing above $3,650 for the first time since April 9th.
Read more: Lido DAO (LDO) and PYTH Prices Are Pumping – Here’s Why
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