Ethereum price is correcting gains below the $2,650 resistance. ETH is now trading near the $2,600 support and might face many hurdles.

• Ethereum started a downside correction below the $2,650 zone.
• The price is trading below $2,620 and the 100-hourly Simple Moving Average.
• There is a key bearish trend line forming with resistance at $2,630 on the hourly chart of ETH/USD (data feed via Kraken).
• The pair must stay above the $2,550 support to start a fresh increase in the near term.

Ethereum Price Takes Hit

Ethereum price struggled to stay above the $2,700 level. ETH started a downside correction below the $2,650 support level like Bitcoin. There was also a move below the $2,600 level.

A low was formed near $2,575 and the price is now consolidating losses. There was a minor increase above the $2,600 level. The price climbed above the 23.6% Fib retracement level of the downward move from the $2,672 swing high to the $2,575 low.

Ethereum price is now trading below $2,640 and the 100-hourly Simple Moving Average. On the upside, the price seems to be facing hurdles near the $2,625 level. There is also a key bearish trend line forming with resistance at $2,630 on the hourly chart of ETH/USD.

The trend line is close to the 50% Fib retracement level of the downward move from the $2,672 swing high to the $2,575 low. The first major resistance is near the $2,650 level. The next key resistance is near $2,665.

An upside break above the $2,665 resistance might call for more gains in the coming sessions. In the stated case, Ether could rise toward the $2,700 resistance zone in the near term. The next hurdle sits near the $2,720 level or $2,800.

More Losses In ETH?

If Ethereum fails to clear the $2,630 resistance, it could continue to move down. Initial support on the downside is near the $2,600 level. The first major support sits near the $2,550 zone.

A clear move below the $2,550 support might push the price toward $2,500. Any more losses might send the price toward the $2,450 support level in the near term. The next key support sits at $2,320.

Technical Indicators

Hourly MACD – The MACD for ETH/USD is losing momentum in the bearish zone.

Hourly RSI – The RSI for ETH/USD is now below the 50 zone.

Major Support Level – $2,575

Major Resistance Level – $2,630

Ethena (ENA) price has surged 11% as bullish momentum continues to build, with signals indicating there could be more room for growth. The recent spike comes on the heels of a proposal to integrate Ethereal, a decentralized exchange, into Ethena’s reserve management system.

Key technical indicators show that ENA’s upward trend is gaining strength, but it hasn’t yet reached levels that typically signal overbought conditions. With buying pressure continuing to outweigh selling, the trend suggests further upside potential.

Ethereal DEX Could Appear on Ethena Soon

Ethena (ENA) is up 11% after Ethereal, a decentralized exchange (DEX), was proposed for integration into the Ethena Network’s reserve management system, becoming an on-chain venue for spot and derivative trading supporting USDe, Ethena’s synthetic stablecoin.

The proposal, written by user “Fells0x,” suggests distributing 15% of Ethereal’s potential governance tokens to Ethena (ENA) holders. Ethereal aims to deliver centralized exchange-level performance while maintaining self-custody, with features like cross-margin and liquidity automation, and is expected to launch on testnet later this year.

Even with the recent pump in the last 24 hours, ENA RSI still appears to show more room for growth.

Read more: What Is Ethena Protocol and its USDe Synthetic Dollar?

ENA’s 7-day RSI is currently at 54.40, up significantly from 26 just 20 days ago, signaling a strong upward momentum. The RSI (Relative Strength Index) is a popular momentum indicator used to gauge whether an asset is overbought or oversold. Values below 30 indicate oversold conditions, and above 70 suggest overbought territory.

Despite its sharp rise, ENA’s RSI remains well below the overbought threshold, implying that the asset is not yet in an overheated state. This suggests that the recent 11% pump might only be the beginning of a larger upward move, as there’s still room for more gains before ENA reaches overbought levels.

ENA Uptrend Could Be Only Getting Started

ENA’s DMI shows a strong trend, with the ADX at 42.0560, signaling strong price momentum. The +DI at 31.0358 is significantly higher than the -DI at 13.1634. That indicates that bullish sentiment is dominating over bearish pressure.

This suggests that buying demand for ENA is currently strong and driving the price upwards, making the trend likely to continue.

The Directional Movement Index (DMI) measures both the strength and direction of a trend. The ADX gauges the overall strength of the trend, while the +DI and -DI lines represent the magnitude of bullish and bearish movements, respectively. In this case, the higher +DI reflects strong upward momentum, with the bulls firmly in control.

Given the ADX value above 40, the trend is considered very strong. That means that ENA’s recent gains are likely to persist. This combination of rising bullish momentum and a strong ADX suggests that ENA could experience continued upward price movement in the near term.

ENA Price Prediction: A Potential 66% Rise?

ENA’s price is currently facing relatively weak resistance between $0.41 and $0.46. That suggests that there is room for it to continue rising. Beyond this, another resistance zone exists between $0.46 and $0.65, implying that ENA could potentially surge by up to 66%. This makes a strong case for further upward movement, given the current price action.

The Global In/Out of the Money (GIOM) metric is a tool used to determine the profitability of addresses holding an asset. It analyzes the average buy price of tokens across various wallets to identify areas of support and resistance.

Read more: How To Use Ethena Finance To Stake USDe

When a large number of holders are “in the money” (i.e., profitable), the price tends to face resistance as these holders may sell. On the other hand, areas with “out of the money” holders may act as support, as buyers are less likely to sell at a loss.

On the downside, if the current trend reverses, ENA has a weaker support zone between $0.32 and $0.36. If it fails to hold above $0.32, the price could drop further, potentially testing as low as $0.25. This indicates that while the upward potential is substantial, failure to maintain support levels could result in significant downside risk.

Binance, the largest crypto exchange by trading volume, announced plans to list EIGEN, opening trading for a select list of spot trading pairs.

EIGEN is the native token for the EigenLayer ecosystem, a leading restaking protocol on the Ethereum blockchain.

Binance Introduces EigenLayer Spot Trading

Users will be able to trade EIGEN against BTC, USDT, FDUSD, and TRY starting Tuesday, October 1, at 05:00 UTC. Before then, however, EIGEN holders can already deposit the token in preparation for trading, with withdrawals available starting Wednesday.

Notably, the new listing will feature zero fees, allowing users to trade the token without incurring costs — an approach often used by exchanges to attract more activity.

However, Binance has cautioned that EIGEN, as a relatively new token, carries higher-than-normal risk and may experience significant price volatility. To reflect this, Binance will apply a seed tag, a special identifier to distinguish EIGEN from other tokens.

Read more: Top 5 Spot Trading Crypto Exchanges

This listing highlights Binance’s interest in providing diverse trading options for its users and enhances Binance’s foray into the liquid staking space. Liquid staking tokens enable holders to earn yield against the underlying token while participating in decentralized finance (DeFi) activities like lending and borrowing. LSTs also help secure the blockchain through staking.

Meanwhile, EigenLayer remains dominant in Ethereum restaking. A recent report from CoinGecko noted that EigenLayer’s restaking contributed to the Ethereum ecosystem’s achievement in Q1 2024.

Since September 7, the total value locked (TVL) on EigenLayer has increased by over $1.5 million. This suggests users are depositing funds on the platform, which can lead to increased liquidity, popularity, and usability — key factors for a project’s success. 

Currently, TVL on EigenLayer is $11.982 billion, signifying more capital locked in the DeFi protocol, offering participants greater benefits and returns.

Read more: What Is Liquid Staking in Crypto?

Other exchanges reportedly in the lineup to list EIGEN include Bybit, MEXC, Gate.io, and Kraken. The token is already available for pre-market trading in some of these platforms. Meanwhile, Tanaka, a contributor at Hashflow, said this listing could benefit related projects.

“EIGEN will be listed on centralized exchanges on 1/10. Maybe tomorrow, major exchanges like Binance, Kucoin, and OKX will announce it. I’m bidding on some LRT project,” Tanaka wrote.