Ethernity price erased some of the gains it made early this week as investors took profits. The ERN price slipped to a low of $2.7, which is about 38% below the highest level this week. Its market cap has slipped to about $22 million, making it a relatively small-cap cryptocurrency. Other cryptocurrencies like ETH and BTC have also retreated.
What is Ethernity and is it a good buy?
Ethernity is a small and fast-growing blockchain platform that seeks to become a leading player in the Non-Fungible Token (NFT) industry. It works by creating a marketplace where people can buy licensed NFTs from leading celebrities and clubs. For example, it has partnered with Muhammad Ali, Argentina Football Association, and Associated Press among others.
Like other NFT platforms, Ethernity has its own cryptocurrency known as ERN. ERN has many uses in its ecosystem, including staking and paying for purchases. For example, with ERN users can farm to earn Stones, which can then be redeemed to buy exclusive NFTs. Ethernity locks 75% of profit into ERN long-ter,which helps to benefit the staking pool.
Ethernity price rallied this week as investors anticipated that it will be the next big thing in the cryptocurrency industry. It also rose as the market joined the team for a community hangout inside its headquarters in Decentraland’s ecosystem.
Ethernity price prediction
The four-hour chart shows that Ethernity price went parabolic this week but those gains were short-lived as the coin tumbled. It is now approaching the important support level at $2.64, which was the highest point on August 6. The coin remains above all moving averages while the Relative Strength Index (RSI) has tilted lower.
Therefore, the coin will likely continue falling as sellers target the key support at $2.50. However, I believe that Ethernity is currently down but not out. As such, it will likely resume the bullish trend as investors buy the dip.