The post Will Ethereum Plunge To $2,500 This Month? What’s next for ETH and ENA? First appeared on Coinpedia Fintech News
With only 395 blocks left in the next Bitcoin halving, the cryptocurrency industry continues to see significant corrections in valuations. Top tokens continue to hover close to critical levels, indicating increasing selling pressure in the cryptocurrency space.
The Ethereum blockchain continues to bleed with the price of altcoin leader ETH, with the portfolio losing more than 15% during this period. Moreover, the price of the blockchain’s newest token, Ethena (ENA), is following in the leader’s footsteps and showing a similar trend.
Ethereum (ETH):
After seeing a 12.65% correction and remaining bearish for over a week, ETH coin price has recorded an upward trend of around 3% over the past day, indicating a decrease in selling pressure within the cryptocurrency space.
Ethereum tokens have recently formed a symmetrical triangle pattern and are trading within it. Moreover, ETH coin is hovering close to the resistance level of $3,149 and the triangle support trend line, highlighting the uncertainty about the future price action of the altcoin leader.
The 50-day EMA shows a bearish convergence on the 1D period. On the other hand, MACD, a technical indicator, consistently shows a red histogram with a consistently declining average on the chart.
If the bulls gain momentum again, the price will attempt to break out of the resistance trend line and test the upper limit of $3,697. Conversely, bearish sentiment could push the price lower in the coming days and test the lows of $2,800.
Athena (ENA):
The Ethena token has received a lot of attention in the market since its launch, with the ENA price hitting a record high of $1.523. The bulls then lost momentum and recorded a value correction of around 25%. Since then, the price has been showing a neutral trend on the charts.
Moving Average Convergence Divergence (MACD) shows a rising green histogram, indicating increasing buying pressure within the cryptocurrency industry. Moreover, the averages show a bullish convergence, suggesting positive price action for altcoins in the future.
If the market breaks out of the $1.070 resistance level, the bulls will regain momentum and prepare to test the upper resistance level of $1.280. However, if the bulls fail to gain momentum, ENA price will plummet to this month's low of $0.875.