ENS Price Signals Bullish Turnaround! Is $30 on the Horizon for Ethereum Name Service?

At the onset of 2024, the trading price of ENS coin fluctuated within a tight range, oscillating from $9.32 to $10.48 initially. With increasing market volatility, the ENS token managed to eclipse the resistance and witnessed a surge close to 40%. This climb was followed by a modest retreat in price.

However, the bullish forces quickly reasserted themselves, leading to a robust recovery. Consequently, ENS’s price settled into a steady trading band of $11.74 to $15.74 over the course of a week. The green light for the Bitcoin Spot ETF by the SEC catalyzed a substantial increase in the ENS price, with a remarkable surge exceeding 111% within the ensuing 48 hours.

Subsequent to this spike, a correction phase occurred, yet the bulls managed to achieve another ascent, marking up the value by nearly 30%. Afterwards, the ENS coin price meandered within a consolidative range of $22.67 and $26.92 for a similar duration of one week.

The ENS token faced resistance repeatedly at the $26.92 mark leading to a loss in bullish steam and a shift towards a downtrend. The coin’s value took a downturn of 41.5% in the days that followed, touching base with the support level at $15.74.

In the days since, the ENS coin has maintained a stable range, oscillating between $15.74 and $20.73. Recently, there has been an effort by the bulls to break beyond the resistance level, though the outcome remains to be seen.

Is Ethereum Name Services A Good Investment?

The RSI has shown signs of breaking free from the overbought territory which suggests an intense accumulation in the cryptocurrency sector. The moving averages are tilting upwards, potentially indicating a continued uplift in prices. Nonetheless, future price movements hold uncertainty as prices verge into the overpriced zone.

Should Ethereum Name Services sustain its price above the $20.73 support, there is potential for the bulls to challenge the $22.67 resistance. Securing the price at this brink could pave the way for an attempt to scale the next resistance of $24.79 in the near term.

On the downside, a reversal in trend could see the bears take control and the ENS price may dip to test the $18.41 support. A persistent bearish trend could further push the Ethereum Name Services token down to revisit the pivotal support level at $15.74.