Cryptocurrency Industry Correction: Ethereum (ETH) and Ethena (ENA) Price Analysis

With only 395 Blocks remaining for the next Bitcoin Halving, the cryptocurrency industry is experiencing a significant correction in valuation. Top tokens are hovering close to important levels, indicating increasing selling pressure in the crypto space.

The Ethereum blockchain is particularly feeling the heat, with the leader of altcoins, ETH, losing over 15% in its portfolio during this time. The blockchain’s latest token, Ethena (ENA), is also following a similar trend.

After a correction of 12.65% and a bearish price sentiment for over a week, the ETH coin price has recorded an uptrend of approximately 3% within the past day, signaling a decline in selling pressure. The Ethereum token has formed a symmetric triangle pattern and is trading within it, hovering close to its resistance level of $3,149.

On the other hand, Ethena (ENA) gained significant attention following its launch, reaching a high of $1.523 before experiencing a correction of approximately 25% in valuation. The ENA price is currently displaying a neutral trend in the chart, with the MACD showing a rising green histogram, indicating an increase in buying pressure.

If the bulls regain momentum, the ETH price could break out of its resistance trend line and test its upper level of $3,697. Similarly, if the market breaks out of ENA’s resistance level at $1.070, the bulls will prepare to test its upper resistance level of $1.280. However, failure to gain momentum could result in a price plunge for both tokens.

As the countdown to the Bitcoin Halving continues, the cryptocurrency industry remains volatile, with investors closely monitoring the price actions of top tokens like Ethereum and Ethena.