The price of Ethereum Name Service (ENS) has experienced a significant increase of over 46%.
The daily trading volume of ENS has surged by 315%. The overall cryptocurrency market cap is currently at $3.31 trillion, showing a 2.59% increase in the past 24 hours. However, the total trading volume has decreased by 8.36% to $201.06 billion. Notably, the Fear and Greed Index is at 84, indicating extreme greed.
Bitcoin (BTC) has managed to recover from its recent downward trend and surpassed $97,000 in the morning hours. Additionally, Ethereum (ETH) has risen to $3,600. Within the Ethereum ecosystem, Ethereum Name Service (ENS) has also experienced a bullish trend and emerged as the top gainer with a 24-hour increase of over 46%.
Currently, ENS is trading at $35.31 with a daily trading volume of $2.51 billion. Earlier, ENS reached its lowest price of $23.88 and gradually climbed to its current peak. Moreover, during this period, ENS witnessed a liquidation of ENS tokens worth $6.57 million.
On the other hand, an ENS whale, who had been inactive for 5 months, entered the market and deposited 50,000 ENS tokens worth $1.66 million on Binance, resulting in a profit of $968,000. This whale has accumulated 322,739 ENS tokens in 2022 and sold 272,739 ENS tokens since January 2024. Currently, the whale holds 50,000 ENS tokens with an estimated profit of $2.9 million.
Furthermore, the rally of Ethereum Name Service gained momentum after Brian Armstrong, the CEO of Coinbase, emphasized that ENS is a significant decentralized identity project.
Will ENS experience further gains in the future? The technical analysis of Ethereum Name Service supports the bullish sentiment in the market. The Moving Average Convergence Divergence (MACD) line is positioned above the signal line, indicating a potential positive trend if the bullish momentum continues.
Additionally, the Chaikin Money Flow (CMF) indicator is at 0.20, suggesting positive money flow within the market and a potential surge in demand. Moreover, ENS’s daily trading volume has increased by over 315%.
The four-hour price chart of Ethereum Name Service reveals that the asset has surpassed crucial resistance levels. ENS is approaching the $37 resistance level, and breaking through this range could trigger a potential rally. If the upward momentum persists, the price might reach as high as $42.
However, if the upward trajectory reverses, a steady downside correction could occur, and ENS may test the critical support level at $32. If the asset fails to hold this range, the price could experience a significant decline. ENS’s future moves will determine whether it can maintain its momentum or enter a deeper consolidation phase.
In the daily timeframe, Ethereum Name Service exhibits the short-term 9-day moving average above the long-term 21-day moving average. Furthermore, the daily relative strength index (RSI) stands at 83.98, indicating that the current market sentiment of ENS is in the overbought territory.
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