Daily Market Review: BTC, ETH, LDO, ENS, OP

The bears are in control of todays session, as seen from the decrease in the global market cap. The total cap stood at $3.6T as of press time, representing a 1.2% decrease over the last 24 hours, while the trading volume dropped by 8.68% over the same period to stand at $200.4B as of press time

Bitcoin Price Review

Bitcoin, $BTC, has failed to post gains in todays session, as seen from its price movements. Looking at an in-depth analysis, we see that the Bitcoin price has been trading around the upper Bollinger band, indicating a relatively strong bullish momentum as the price tends towards the upper range of its recent volatility. The price is consistently above the 20-period simple moving average (SMA), suggesting a bullish trend in the short term.

On the other hand, we see that the Awesome Oscillator (AO) shows green bars, though they are diminishing in height, which could suggest a potential decrease in bullish momentum. This might indicate a pause or pullback soon. Bitcoin traded at $100,245 as of press time, representing a 0.74% decrease over the last 24 hours.

4-hour BTC|USD Chart | Source: TradingView

Ethereum Price Review

Ethereum, $ETH, is also not among the gainers in today‘s session as also seen from its price movements. Looking at an in-depth analysis, we see that Ethereum’s price is trading above all three moving averages, which are in a bullish alignment, indicating strong support for price movements.

On the other hand, we see that the Relative Strength Index (RSI) is hovering around the mid-line (around 54), indicating neither overbought nor oversold conditions. This suggests a balanced market sentiment at this point. Ethereum traded at $3,898 as of press time, representing a 0.42% decrease over the last 24 hours.

4-hour ETH/USD Chart | Source: TradingView

Lido DAO Price Review

Lido DAO, LDO, is among the top gainers in todays session as also seen from their price movements. Looking at an in-depth analsysis, we see that the Lido DAO price of LDO has recently crossed above all selected moving averages, indicating a potential bullish reversal after a period of consolidation.

On the other hand, we see that the RSI is slightly above the midpoint, reflecting some bullish momentum, but its not in the overbought zone, leaving room for further upside. Lido DAO traded at $2.23 as of press time, representing a 8.37% increase over the last 24 hours.

4-hour LDO/USDT Chart | Source: TradingView

Ethereum Name Service Price Review

Ethereum Name Service, $ENS, is also among the gainers in todays session as seen from its price movements. Looking at an in-depth analysis, we see that the chart uses the Alligator indicator (three SMAs with various look-back periods). The jaws, teeth, and lips of the Alligator are opening up, suggesting that the market might be entering a new bullish phase.

On the other hand, we see that the Volume Oscillator shows a slight negative value, indicating that volume is decreasing during the recent price increases, which could be a signal of decreasing momentum. Ethereum Name Service traded at $43.57 as of press time, representing a 7.89% increase over the last 24 hours.

4-hour ENS/USD Chart | Source: TradingView

Optimis Price Review

Optimism, $OP, is also among the gainers in todays session as seen from its price movements. Looking at an in-depth analysis, we see that the price of Optimism is trading in and around the Ichimoku Cloud, suggesting uncertainty in the market direction as the price intersects with the cloud.

On the other hand, we see that the Average Directional Index (ADX) is trending downwards and currently below 30, which suggests that the current trend is weakening, and the market might not have a strong directional momentum. Optimism traded at $2.58 as of press time, representing a 4.47% increase over the last 24 hours.

4-hour OP/USD Chart | Source: TradingView