ERN Eyeing To Cross $5: Can Bulls Supreme Amidst Downtrend?

• 1 Ethernity Chain (ERN) price is hovering near the 20 day EMA mark.
• 2 Bulls and bears are displaying indecisiveness on the chart.

The Ethernity Chain (ERN) token price consolidates near its key support 100 day EMA mark and witnessing range bound moves throughout the week.

From the start of this month, the token represented significant buying interest and flipped from the 200 day EMA mark. Still, the bull army failed to escape the downward trendline hurdle and is hovering below the $5 mark, the make or break zone.

At press time, the Ethernity Chain (ERN) price traded at $4.42 with an intraday drop of 2.10%, reflecting neutrality on the charts. It has a monthly return ratio of -11.20% and 142.30% yearly.

Ethernity DAO is Back: Can ERN Trigger Rally Ahead?

Yesterday, a tweet by the @EthenityChain on X revealed that Ethernity DAO is back and better than ever now.

Source: X

Going forward, the daily charts of the token reveal a downtrend and consistent underperformance for weeks. ERN token persisted in delivering the lower low swings and displayed a descending triangle pattern on the charts.

Source: TradingView

Meanwhile, the token failed to overtake the 20 day EMA mark and faced rejection from the $5 mark, leading to an intraday drop of over 2%. Following the price drop, the intraday trading volume significantly declined over 32% to $5.55 Million.

Analyst @EliZ says that the token is trading above the box and is close to the important level. Meanwhile, the support is capped till the $4 mark.

Source: X

The Momentum Indicator (RSI) curve stayed close to the midline and a convergence of the signal line and RSI line was noted.

Price Volatility Remained Flat, What’s the Next Move for ERN?

For weeks, the price volatility has been declining, dragging below the midline. The price volatility curve noted a drop of over 12.90% to the 0.013 mark.

Source: Santiment

However, the weighted sentiment value remained close to the midline and signifies neutrality.

What do Active Addresses and Transaction Volume Data Show?

Per the Sanitment data, the active addresses data represents a significant drop – over 23% to 397 this week.

Source: Santiment

Amidst the significant bounce, the transaction volume dropped over 12.90% to 39.1K signifies a consistent decline over the past few weeks.

The immediate support levels for the Ethernity Chain token is $4.20 and $4, whereas the key upside hurdle is around $5, followed by $5.20

Conclusion

The ERN token price faced a hurdle around the $5 mark and was rejected from the downward trendline zone. Meanwhile, the token is close to the 20 day EMA mark.