Ethereum Name Service (ENS/USD) Surges Past Two Major Resistance Levels
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Within just two days, the Ethereum Name Service (ENS) has surged past two significant resistance levels: $20 and $22. In today’s trading session, (crypto signals) bullish momentum remained strong, pushing the price to $24.36. However, this rally triggered profit-taking shortly after reaching this level. Long-position holders appear inclined to secure gains quickly, likely due to the extended consolidation phase below the $20 price level that persisted since August.
Ethereum Name Service Market Data
- ENS/USD Price Now: $23.76
- ENS/USD Market Cap: $800 million
- ENS/USD Circulating Supply: 34 million ENS
- ENS/USD Total Supply: 100 million ENS
- ENS/USD CoinMarketCap Ranking: #114
Key Levels
- Resistance: $25.00, $27.00, and $28.00
- Support: $20.00, $18.00, and $17.00.
Ethereum Name Service Market Through the Lens of Indicators
Although the market has experienced some correction due to profit-taking, as evidenced by the upper shadow on the bullish candlestick, bullish sentiment remains dominant. The Bollinger Bands indicator, which previously depicted a horizontally moving price channel, is now adjusting to reflect an upward-trending price channel.
The $20 price level, a long-standing resistance in the Ethereum Name Service market, has now turned into a support level. Additionally, there is a possibility that the $22 level could act as a higher support if the market corrects further from the $24 peak. If the price retraces to $22, it could attract new participants looking to capitalize on the next upward move.
ENS/USD Price Prediction: 4-Hour Chart Analysis
A closer look at the 4-hour chart reveals the $22 price level emerging as a higher support, with the price bouncing upward from this level. However, the risk of a market correction remains, as both the Bollinger Bands and the Relative Strength Index (RSI) indicate overbought conditions. Despite this, the recent rejection of bearish pressure at the $22 level underscores a potential bullish bias that could sustain the market’s upward momentum at this point.
