Given that the market has seen four of the past six red days this week, the cryptocurrency sector is poised to end the week on a negative note. Furthermore, as the price has consistently shown negative movements since hitting a high of $26 this week, it appears that the excitement around the ENS price has subsided.
The price of ENS fluctuated in a small range between $9.32 and $10.91 before gaining strength and appreciably increasing in value.
Following this, the price spent more than a week moving in a concentrated range between $10.91 and $15.74. Over the next three days, The Ethereum Name Services showed a 124% increase in valuation as the market picked up steam.
The price has been moving in a concentrated band between $21.89 and $26.0 ever then. The price just underwent a significant negative swing, with a about 11% drop.
Strong selling pressure is evident in the cryptocurrency industry, as indicated by the RSI’s declining trend. Additionally, the averages exhibit a steady decrease, indicating that the price will likely keep losing value in the near future.
Will ENS Prices Increase Again?
The price of ENS will shortly challenge its resistance level of $21.89 if the bulls win control. If the price stays there, it will provide the conditions for the Ethereum Name Services price to try testing $24.44, which is its upper resistance level, in the near future.
On the other hand, if the market loses impetus, the price will drop and test the $19.02 support level. Furthermore, the market will drop and get ready to test its lower support level of $15.74 over the coming week if the bears maintain their dominance.
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