- ENS prices ranges exceed 50 EMA in the daily timeframe.
- The ENS price is rejected because it attempts to get out of the asymmetrical triangle.
- For a break, the price could test daily resistance and hold above daily support.
Although Ethereum Name Service (ENS’s) recent bullish strength was evident, the price continues to struggle to overcome key resistance against tether ($USDT). Ethereum Name Services (ENS) is facing resistance of breaking above $16, which acts as a strong resistance area. The price for ENS has been trading above daily support and aiming to overcome key resistance. Data from Binance
Ethereum Name Service (ENS), Price Analysis on The Weekly Chart
The weekly price low was $9, followed by a rally that reached a high point of $17 and then a rejection. However, the price for ENS recently fell, and it has been struggling to revive its bullish tendency.
The price of ENS continues to be above a key support level of $14. It acts as a demand area for purchase orders. The price of ENS must move above its weekly resistance level at $16 in order to continue trending higher.
In order to restore a relief bounce the price ENS has to surpass the $16-17 resistance level. It is preventing ENS prices from trending higher. We may see a retest at $14 if the price of ENS keeps rejecting $16 and possibly a support level of $10 on the weekly charts.
If the price for ENS holds over $17 it will likely spark a significant rally.
Weekly resistance for the price of ENS – $16-$17.
Weekly support for the price of ENS – $14.
Price Analysis of ENS on the Daily (1D), Chart
The price of ENS continued its strength in the daily timeframe as it was rejected by traders trying to get out of the range. This rejection came after a triangle formed with high volume, a bullish continuation pattern and an asymmetric triangle.
The price of ENS was $14.8 lower than that of the 50 Exponential moving average (EMA), but higher than the 200 EMA. The price of ENS is supported by the 50 EMA, and resistance comes from the 200 EMA. The ENS price at the 50 EMA and 200 EMA is $14.17, respectively.
If the close is above $16, it could lead to ENS prices retesting a peak of $20.
Daily resistance for the ENS price – $16.
Daily support for the ENS price – $14.
Onchain Analysis of ENS
Despite a 70% drop in the price of ENS, on-chain analysis suggests that ENS is still a decent investment. ENS has had a decent return on investment (ROI), of 105%, over the last five months in comparison to other cryptocurrency assets which have suffered for the past few months.
Featured image from zipmex and Charts From Tradingview.