Ethereum Name Service (ENS/USD) Sees Significant Selloff As Price Plunges Back Below $28
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The Ethereum Name Service recently experienced a brief struggle between demand and supply, resulting in a breakout that pushed the market above the $30 price level. This level has been a significant point of focus for traders, and surpassing it led to increased bullish sentiment. Traders anticipated that the market might eventually turn downward, as it had previously ranged sideways at the peak of a bullish run, so they were cautious. However, seeing the market break out above the $28 and $30 price levels, they maintained a bullish bias for a while to make additional profit.
Ethereum Name Service Market Data
- ENS/USD Price Now: $31.56
- ENS/USD Market Cap: $795 million
- ENS/USD Circulating Supply: 31 million ENS
- ENS/USD Total Supply: 100 million ENS
- ENS/USD CoinMarketCap Ranking: #75
Key Levels
- Resistance: $28.00, $29.00, and $30.00
- Support: $25.00, $23.00, and $22.00.
Ethereum Name Service Market Through the Lens of Indicators
Yesterday’s market was completely dominated by bears as the selloff continued, with the strong bearish trend beginning after the market reached a high of $34.29 on the first day of July. It appears that July has started on a bearish note for this market. However, today’s market shows a long-legged doji at the end of the bearish trend. The long lower shadow indicates that the aggressive bearish momentum is waning and may soon lead to a bullish recovery. The Relative Strength Index also shows the current price at an equilibrium level, around $25. A solid support level is expected to emerge here, facilitating a potential market recovery.
ENS/USD Price Prediction: 4-Hour Chart Analysis
The 4-hour chart outlook for the Ethereum Name Service market indicates that the $25 price level has established itself as stable support since trading began today. However, the emergence of a resistance level at $26 is putting pressure on the bulls’ position at $25. If the bulls fail to turn the market around at this level, the historically significant support at $24 may come into play to counter the bearish trend.
