The cryptocurrency industry is on the verge of ending the week on a weak note, with the market recording four out of six days in the red this week. Additionally, the hype around ENS price appears to have died down as it has continued to see bearish moves since the $26 high this week.
ENS price traded in a tight space between $9.32 and $10.91, after which the price gained momentum and surged around 66% in value.
The price then traded in a consolidated range between $10.91 and $15.74 for over a week. As the market gained momentum again, Ethereum Name Services saw its value increase by a whopping 124% within the next three days.
Since then, the price has consistently traded in a consolidated range between $21.89 and $26.0. The price has recently seen a strong decline, recording a correction of around 11%.
RSI is trending downward, indicating strong selling pressure in the cryptocurrency industry. Moreover, the average shows a sustained downward trend, suggesting that prices will continue to lose value in the future.
Will ENS price rise again?
If the uptrend regains strength, ENS price will soon test the resistance level of $21.89. Holding the price at this level would set the stage for the Ethereum name service price to test the higher resistance level of $24.44 in the coming days.
Conversely, if the market continues to lose momentum, the price will likely fall to test the $19.02 support level. Moreover, if bears continue to dominate the market, they will move lower and prepare to test the lower support level of $15.74 over the coming week.