The cryptocurrency market has seen a downturn in prices despite the SEC's approval of the spot Ethereum ETF. This has led to a significant correction in the prices of top Ethereum-based altcoins.

However, the market leader, Bitcoin (BTC), has shown a consolidated trend, while mid-cap and low-cap altcoins continue to display a bullish sentiment. This suggests a high possibility of an altcoin rally in the coming months.

Ethereum Classic (ETC) Finds Support:

Ethereum Classic has seen a positive price action, with a 10.46% jump in the past seven days and a 12.49% increase over the past 30 days. The altcoin's Year-to-Date (YTD) return stands at 43.10%.

ETC has successfully retested its support zone above the $29 level, indicating an increase in bullish sentiment. The EMA 50/200-day also shows a positive price movement, suggesting a bullish outlook for the altcoin.

The Moving Average Convergence Divergence (MACD) displays a decline in the green histogram, indicating a decrease in buying pressure. However, the averages show a constant uptrend, suggesting a mixed sentiment for the Ethereum Classic price.

If the market records a bullish price action, ETC may test its upper resistance level of $36. Conversely, a bearish sentiment could lead to the altcoin testing its support level of $29 this month.

Ethena (ENA) Forms a Bullish Flag Pattern:

Despite a correction of less than 1% in the past 24 hours, Ethena has added 18.64% to its portfolio over the past seven days. The altcoin is currently trading at $0.8437 with a market cap of $1.275 Billion, securing the 70th spot on the global crypto market list.

Ethena has formed a bullish flag pattern in the 4H time frame and is on the verge of testing its support trendline. The SMA records a bearish cross-over, indicating an increase in selling pressure.

The Relative Strength Index (RSI) has failed to breach its overbought range, resulting in a sharp drop. The averages also show a bearish convergence, suggesting a negative outlook for the ENA price in the coming time.

If the market holds above the support level of $0.8406, the bulls may regain momentum and test the resistance trendline. However, if the bears overpower the bulls, the Ethena price could retest its lower support level of $0.7525 this month.