With only 395 Blocks remaining for the next Bitcoin Halving, the cryptocurrency industry continues to display a significant correction in valuation. Top tokens continue to hover close to their important levels, indicating increasing selling pressure in the crypto space.
The Ethereum blockchain continues to bleed with the leader of altcoins, ETH price, losing over 15% in its portfolio during this time. Moreover, the blockchain’s latest token, the Ethena (ENA) price has displayed a similar trend by following in the footsteps of its leader.
Ethereum (ETH):
After displaying a correction of 12.65% and witnessing a bearish price sentiment for over a week, the ETH coin price has recorded an uptrend of approximately 3% within the past day, indicating a decline in the selling pressure within the cryptocurrency space.
The Ethereum token has recently formed a symmetric triangle pattern and is trading within it. Moreover, the ETH coin is hovering close to its resistance level of $3,149 and its support trend line of the triangle, highlighting uncertainty in the future price action for the altcoin leader.
The EMA 50-day shows a bearish convergence in the 1D time frame. On the other hand, the technical indicator, MACD, shows a constant red histogram with its averages showing a constant decline in the chart.
If the bulls regain momentum, the price will break out of its resistance trend line and attempt to test its upper level of $3,697. Conversely, a bearish sentiment could result in the price falling to test its low of $2,800 in the coming time.
Ethena (ENA):
The Ethena token gained significant attention from the market following its launch, resulting in the ENA price recording a high of $1.523. Following this, the bulls lost momentum and recorded a correction of approximately 25% in valuation. Since then, the price has been displaying a neutral trend in the chart.
The Moving Average Convergence Divergence (MACD) displays a rising green histogram, indicating an increase in the buying pressure within the crypto industry. Furthermore, the averages show a bullish convergence, suggesting a positive price action for the altcoin in the coming time.
If the market breaks out of its resistance level at $1.070, the bulls will regain momentum and prepare to test its upper resistance level of $1.280. However, if the bulls fail to gain momentum, the ENA price will plunge toward its low of $0.875 this month.
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