Ethereum Name Service (ENS) Breaks Out, Can Price Hit $20?

  • The bullish structure in ENS prices continues, despite a reclaim at the $15 region. However, the price is still on track to retest major support.  
  • ENS trades exceed key support, as price reclaim 8 or 20-day EMA.
  • The price of ENS will continue to rally, as it shows bullish strength following the break out from the descending triangle.

After breaking through a descending triangle, Ethereum Name Services (ENS) looks more reasonable in price action relative to tether USDT. This is because it has established a more bullish sentiment. Ethereum Name Service is expected to reach $20. The positive response to Ethereum Name Service (ENS), has been evident as altcoins prices and crypto markets look to rebound from key support areas. BNB is looking stable enough for a retest at key resistance of $20, which would be a retest. Data from Binance

Ethereum Name Service Price Analysis (ENS) On The Weekly Chart

Despite not breaking above $17 during recent weeks and with the price declining its weekly support, ENS prices have managed to keep their key support at $14. There is so much uncertainty on the market as to where the next move will be. The price of ENS was strong in this region.

Despite the bear market making trading more challenging, the price ENS is still showing strong signs for recovery. In fact, it has exceeded its monthly return of investment (ROI), which was the case with major cryptocurrencies.

The price of ENS recently rose to $15 after retesting a weekly lowest of $12.5. However, it was rejected by the market in an effort to move higher to continue the trend. ENS prices remained relatively stable for a while as they tried to surpass the $15 mark.

Although the price of ENS has broken above $17, it still needs support to move to $20, which will be its first big test. If the price falls below $17, it could retest $15, which is a support level for the price.

Weekly resistance for the price of ENS – $20.

Weekly support for the price of ENS – $15.

Chart Price Analysis of ENS on The Daily (1D).

Source: ENSUDT On| Source: ENSUSDT On

The price of ENS is still strong on a daily basis. It aims to rise to $20 following a breakout of a descending triangle, creating a bullish situation for traders who can place more buy orders.

Currently, the price of ENS trades at $17.4 higher than both the Exponential Moving Average (8EMA) and 20EMA (20EMA). Prices of $16.2 & $15.3 are the same as the 8-day EMA and $20-day EMA prices for BNB during the daily period.

Daily resistance for the ENS price – $20.

Daily support for the ENS price – $15.

Analysis of ENS Onchain

ENS Onchain Data Data Source: On| Source: On

ENS’s price is still below its all-time high at $83, but the on-chain analysis indicates a better outlook over the last three months, despite bearish market sentiment. ENS had a decent three-month return of investment (ROI), at 80%. 

Featured image from Zipmex. Charts from Tradingview. Messari

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