- The crypto market(except Ethereum) faces an overall sluggishness after the lacklustre Bitcoin ETF launch.
- Ethereum-affiliated tokens like ENS, Avalanche, and Ethereum Classic have defied the trend, showing promise
- ENS has surged 183% in a month after Vitalik Buterin’s endorsement and is poised for a further rally past the $25 resistance.
- Avalanche is up 120% in the last year and currently eyes the $75 mark.
- Ethereum Classic has emerged as the second-biggest gainer of the week with a 43% increase, potentially aiming for $37.
The crypto market is in the middle of a serious volatility hole.
Several cryptocurrencies including Bitcoin and Ethereum have been sluggish over the last week, after an underwhelming debut of the spot Bitcoin ETFs in the US.
Bitcoin has declined from nearly $50,000 to a low of around $42,000, while Ethereum has done the same from $2,700 to around $2,500.
But underneath the hood, a certain class of cryptocurrencies are either performing pretty well or about to enter a massive price explosion.
This class of cryptocurrencies include Ethereum-affiliated cryptos like Avalanche, Ethereum Classic and ENS.
ENS, for example, is up by around 183% over the last month, and Avalanche may be gearing up for a rally to $75.
Let’s go over some of these cryptocurrencies, and see what’s up with them.
ENS Token Surges by 183% In A Month
ENS was one of the most badly beaten cryptocurrencies during the 2022 crypto winter.
CoinMarketCap data even shows that the cryptocurrency was down by about 80% in the third quarter of 2023.
June of last year was the last straw for ENS when it went lower than it ever had in more than three years, to under $7.
However, things soon changed for ENS when Ethereum co-founder, Vitalik Buterin emphasized the importance of ENS, its token and everything it stands for in a 3 January tweet.
ENS’s previously slow rally soon kicked things up a notch, printing an 83% price increase over the last week, as well as a 183% rally over the last month, according to data from CoinMarketCap.
In the charts, ENS is currently testing the $25 resistance and appears unlikely to stop going up anytime soon.
If a break above this $25 resistance occurs, the next viable resistance sits somewhere around the $38 zone, marking a 53% rally from current price levels.
Avalanche Nets 9% In A Week, Poised For $75
We should start by saying that Avalanche is up by about 120% over the last year, indicating strong fundamentals.
Most of Avalanche’s previous rallies happened in the 4th quarter of 2023.
This rally became even more prominent when the Avalanche Foundation announced via a tweet, that it aimed to expand its ecosystem by introducing memecoins via its “Culture Catalyst” initiative.
CoinMarketCap data shows that Avalanche has been one of the most bullish cryptocurrencies over the last week, despite the sluggishness of the rest of the market.
CoinMarketCap data shows that Avalanche is up by about 8.7% over the last week. However, this may not be all for the cryptocurrency.
Avalanche’s hurdles began sometime around 10 December last year, when it broke past the $32 resistance.
When Avalanche hit $49, the bears regained control again, pushing Avalanche into a market reversal to the $32 support.
This support appears to have held for all this time, and a rebound is set to happen anytime from now.
Avalanche needs to break above its previous $49 high to confirm its bullishness, but if this happens, the next major resistance to keep an eye out for is around $75.
Ethereum Classic Outperforms
Ethereum Classic, according to CoinMarketCap, has been on a tear as of late, gaining about 43% over the last week.
Ethereum Classic’s rally has been so profound, that CoinMarketCap ranks it just under SUI as the 2nd largest gainer over the last week.
Ethereum Classic, since its rejection from $32, has declined for a retest of the ascending trendline as shown below:
Ethereum Classic is already showing signs of a bullish rebound from this support, and if this setup is a valid one, the next resistance point for Ethereum Classic sits somewhere around $37 in a 36% rally from current prices.
Disclaimer: Voice of Crypto aims to deliver accurate and up-to-date information, but it will not be responsible for any missing facts or inaccurate information. Cryptocurrencies are highly volatile financial assets, so research and make your own financial decisions.