Market Wrap: Bitcoin, Ethereum, and Other Major Altcoins Post Gains in Today's Session

The bulls are in control of today's session, as seen from the increase in the global market cap. The total cap stood at $3.31T as of press time

The bulls are leading today's session, evident from the gains posted by the majority of the coins. The total cap stood at $3.31T as of press time, representing a 2.59% increase over the last 24 hours, while the trading volume dropped by 8.36% over the same period to stand at $201.68B as of press time.

Bitcoin Price Analysis:

Bitcoin, BTC, has posted gains in today's session, as evident from its price movements. Looking at an in-depth analysis, the BTC price is currently between the middle and upper bands, suggesting moderate volatility. A break above the upper band may signal an upcoming bullish phase.

On the other hand, we see that the Awesome Oscillator (AO) is in the red but showing a decrease in negative momentum, which might indicate that selling pressure is easing. Bitcoin traded at $95,437 as of press time, representing a 2.21% increase over the last 24 hours.

4-hour BTC|USD Chart | Source: TradingView

Bitcoin is trading within a range, as shown by the Bollinger Bands (BB), and is currently facing resistance at the middle band. A breakout from this range could signal a new direction in Bitcoin's price movement.

Moreover, the Aroon indicator suggests a bullish trend, with the up Aroon (blue line) above the down Aroon (orange line) and both lines trending higher. This indicates that higher prices are being made recently, supporting the bullish narrative.

Finally, the Chaikin Money Flow (CMF) is above 0, indicating capital inflows, but also showing a divergence from the price movements, which might suggest a weakening in the recent bullish momentum and could be worth keeping an eye on.

Ethereum Price Analysis:

Ethereum, ETH, is also among the gainers in today's sessio as also seen from its price movements. Looking at an in-depth analysis, we see that the Alligator’s lines (jaw, teeth, and lips) are well separated and aligned in a way that supports the ongoing bullish trend. The jaw (blue line) is below the teeth (red line), and the teeth are below the lips (green line), which typically indicates a strong upward trend.

On the other hand, we see that the Money Flow Index (MFI) is above 60, indicating strong buying pressure, but also approaching overbought territory which could lead to a pullback. Ethereum traded at $3,630 as of press time, representing a 6.18% increase over the last 24 hours.

4-hour ETH/USD Chart | Source: TradingView

Starting with the Bollinger Bands, we see that Ethereum price is currently trading near the lower Bollinger Band, indicating that prices are relatively low compared to the recent range. This could suggest a potential for upward movement.

Moreover, the Alligator indicator shows a bullish alignment, with the lines (jaw, teeth, and lips) separated and trending upwards. This further supports the bullish narrative and aligns with the recent price gains.

Finally, the Stochastic RSI indicator is trending lower from overbought levels, indicating a potential decrease in buying momentum. This could be worth monitoring to assess the sustainability of the recent bullish move.

Ethereum Name Service Price Analysis:

Ethereum Name Service, ENS, is also among the gainers in today’s session as also seen from its price movements. Looking at an in-depth analysis we see that the token is currently high, suggesting that the asset may be overbought and could see a correction or consolidation in the short term.

On the other hand we see that the simple Moving Averages (SMA) the Ethereum Name Service price is well above the 50, 100, and 200-SMA, indicating strong bullish momentum. Ethereum Name Service traded at $35.56 as of press time, representing a 46.56% increase over the last 24 hours.

4-hour ENS/USD Chart | Source: TradingView

Beginning with the Bollinger Bands, we observe that the Ethereum Name Service price is trading near the middle Bollinger Band, indicating that prices are within the normal range established by recent price movements. This could suggest a potential for continued movement within the recent price channel.

Next, the Ichimoku Cloud indicator shows a bullish outlook, with the price trading above both the Kumo (cloud) and the Tenkan-sen (red line). This further supports the bullish narrative and aligns with the recent price gains.

Finally, the Relative Strength Index (RSI) indicator is trending lower from overbought levels, indicating a potential decrease in buying momentum. This could be worth monitoring to assess the sustainability of the recent bullish move.

Ethena Price Analysis:

Ethena, ENA, is also among the gainers in today’s session as