With only 395 blocks left until the next Bitcoin halving, the cryptocurrency industry continues to see significant corrections in valuations. The top tokens are still trading near key levels, indicating increasing selling pressure in the cryptocurrency space.
The Ethereum blockchain continues to bleed with the price of altcoin leader ETH, which has fallen over 15% in portfolios during this time. Additionally, the price of the blockchain’s newest token, Etena (ENA), follows in the footsteps of its leader and shows a similar trend.
Ethereum (ETH):
ETH coin price showed a correction of 12.65% and recorded an upward trend of around 3% within the past day after witnessing bearish price sentiment for over a week, indicating a decline in selling pressure in the crypto space. is showing.
Ethereum tokens have recently formed and are trading within a symmetrical triangular pattern. Additionally, ETH coin is hovering around the $3,149 resistance level and the triangle support trend line, highlighting the uncertainty of the altcoin leader’s future price trend.
The 50-day EMA indicates a bearish convergence on the 1D time frame. On the other hand, the technical indicator MACD shows a constant red histogram, the average of which shows a constant decrease in the chart.
If the bulls regain momentum, the price will break out of the resistance trend line and test the $3,697 upper limit. On the contrary, bearish sentiment could push the price lower and test the lows of $2,800 in the future.
Ethena (ENA):
The Ethena token attracted a lot of attention from the market after its launch, resulting in the ENA price hitting a high of $1.523. As a result, bulls lost momentum and recorded a roughly 25% correction in valuation. Since then, the price has shown a neutral trend within the chart.
The Moving Average Convergence Divergence (MACD) is rising on the green histogram, indicating increasing buying pressure within the cryptocurrency industry. Furthermore, the average values show a bullish convergence, suggesting positive altcoin price movements in the future.
If the market breaks through the resistance at $1.070, the bulls will regain momentum and get ready to test the upper resistance at $1.280. However, if the bulls fail to gain momentum, ENA price will plummet towards this month’s low of $0.875.
