The bearish Bitcoin price action is impacting global crypto prices. Many altcoins are trading at their fresh monthly lows as the leading digital asset plunged to $64,600 earlier this week. Ethereum and Solana prices were also slightly up from their lows as the bulls attempted to defend major support levels.
The pioneering cryptocurrency stood at $66,612 at press time after a sluggish recovery from the weekly low. The Bitcoin market dominance dropped 0.4% on Thursday, suggesting that the capital was flowing into the altcoins. A significant 2.3% uptick in the Total3 market capitalization confirms this shift in market sentiment.
A broader look at the market reveals that the ongoing correction has a tendency to evolve into a much deeper pullback. As has been seen during the previous Bitcoin halvings, the price usually drops before this critical event. Many altcoins are currently trading 25-40% below their yearly highs, which indicates the intensity of the downtrend.
After the approval and successful listing of spot Bitcoin ETFs in January, the market participants are now speculating on the approval of Ethereum ETFs. Multiple asset managers have their ETH ETF applications pending with the SEC. There is a good chance that the approval will occur in May, but there more likelihood is of a delay.
According to Bloomberg analyst and ETF expert Eric Balchunas, there is only a 25% chance that an Ethereum exchange-traded fund (ETF) get the regulatory nod in May. After retesting its $3,200 support on Wednesday, the ETH price stood at $3,350 at press time.
Ethena, a newly launched crypto token, is making massive waves. With a strong surge during its first two trading days, ENA crypto is now sitting at a market cap of $1.57 billion. This valuation puts it among the top 100 crypto assets at the 75th rank.
From a technical standpoint, ENA/USD is facing resistance from the $1.22 level on its chart. A breakout beyond this level may result in further upside. However, in case of a pullback, the $0.91 support might come into play, as shown in the chart below.
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