Ethereum Name Service (ENS) Drops To $16 Support; Will Bears Come Out Top?

  • ENS’ price shows strength as price holds strong above the key support zone to avoid price retesting lower point on the daily chart.
  • ENS rejected a rising trend of more than $20, as it faced a rejection of a key Support region of $16.5. 
  • The price of ENS is still above the 50-200 Exponential Moving averages (EMA) and will continue to climb towards $20.

Although price trends towards the $20 region have been rejected earlier, Ethereum Name Service’s (ENS) price has held strong. With few exceptions, the volatility of crypto markets has not been as high than in previous weeks. Many altcoins and key crypto players such as Bitcoin (BTC), and Ethereum (ETH), have maintained a steady range. The Ethereum Name Service (ENS), despite uncertainty in the market has enjoyed a tremendous rally. Many are now wondering if it will break the $20 resistance for a higher peak. Data from Binance

Ethereum Name Service (ENS), Price Analysis on The Weekly Chart.

Despite the fact that many altcoins are struggling to find a trend in a wide market, the price ENS was a notable performer. The price rose and held steady at key support points showing buyers who were not prepared to sell.

Recently, the price of ENS was in a difficult time. It fell from an all-time record high of more than $100 to $8 and then rallied to $17. ENS’ price faced a rejection from $17 to break higher to the region of $20. 

After $17 was rejected for ENS, the price fell to $11. This is where there seemed to have been strong Support. It also seems like the price has formed a demand area for future purchase orders. The price for ENS rose to $11 from a low of $17 and then rallied to $20 before it was stopped at $17 again.

Overall, the structure of ENS is good because there are great chances for price retesting in regions around $20 or higher.

Weekly resistance for the price of ENS – $20.

Weekly Support for the price of ENS – $16.5-$17.

The Daily (D) Chart Price Analysis for ETH

Source: ENSUDT On| Source: ENSUSDT On

The daily price of ENS is stable and trading above 50 EMA, which has formed an uptrend line. This line acts as Support. 

The price for ENS must rise to $20 or higher if it is to move up to a range of $27 to $30.

Daily resistance for the ENS price – $20.

Daily Support for the ENS price – $16.5.

The Onchain Analysis of ENS

Source: On| Source: On

The on-chain analysis shows that ENS’s price looks better despite a drop of more than 70%. ENS had a good return on investment of 72% in the three most recent months, compared to crypto assets like Bitcoin and other altcoins that struggled over the same period.

Featured Image from zipmex, Tradingview Charts and Messari

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