The crypto industry is on the verge of concluding the week on a bearish note as the market has recorded four out of six red days this week. Further, the hype of the ENS price seems to have faded away as the price has been constantly displaying bearish moves since its high of $26 this week.
The ENS price traded in a narrow space between $9.32 and $10.91, following which the price gained momentum and jumped approximately 66% in valuation.
TradingView: ENS/USDT
After this, the price traded in a consolidated range between $10.91 and $15.74 for over a week. As the market regained momentum, The Ethereum Name Services displayed a jump of 124% in valuation within the next three days.
Since then, the price has been constantly trading in a consolidated range between $21.89 and $26.0. Recently, the price experienced a strong bearish move by recording a correction of approximately 11%.
The RSI displays a descending trend, indicating strong selling pressure in the crypto industry. Moreover, the averages show a constant decline, suggesting the price will continue losing value in the coming time.
Will ENS Price Rise Back Up?
If the bulls regain power, the ENS price will test its resistance level of $21.89 soon. Maintaining the price at that level will set the stage for the Ethereum Name Services price to attempt to test its upper resistance level of $24.44 in the coming time.
Conversely, if the market continues to lose momentum, the price will fall to test its support level of $19.02. Moreover, if the bears continue to dominate the market, it will plunge and prepare to test its lower support level of $15.74 over the week ahead.
Elena R
Elena is an expert in technical analysis and risk management in cryptocurrency market. She has 10+year experience in writing – accordingly she is avid journalists with a passion towards researching new insights coming into crypto erena.
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