Ethereum Name Service (ENS) Moves Silently With 20% Rise, Will Price Retest $27?

  • The ENS market price is outstripped by ENS as the price shows strength rising to $20.
  • Despite the cryptocurrency bloodbath, ENS surpasses all crypto prices with a 20% increase in just 24 hours. 
  • Bullish signals are evident in the price of ENS as it holds above the 50-200 Exponential Moving Averages. 

Despite all the uncertainties surrounding the crypto market, Ethereum Name Service’s (ENS) price has rallied from $13 to $20 despite the uncertainty. New setbacks were experienced by the crypto market when Bitcoin’s price fell to around $19,000 and $18,100. The Consumer Price Index (CPI), which indicated an increase of inflation, had a negative impact on BTC. However, altcoins that are affected have shown incredible strength. Data from Binance

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

Although the crypto market experienced a sharp decline due to the CPI news, the market appeared to be manipulated as Bitcoin’s (BTC) price dropped from $19,200 to $18,200 in hours. The market recovered quickly as many altcoins showed strength with ENS proving how they can run the show.

The current bounce remains to be determined if it is real or temporary. Bitcoin Dominance will rise, which will have an impact on the altcoin price, especially when BTC retraces. This will cause more retracement of altcoins.

Altcoins started October looking bright, with significant rally strength. Many crypto traders hope that October will bring the cryptocurrency industry a Month of Uptober, after a tough bear season.

The price for ENS went up from $7.5 to $16, however, the region rejected it quickly. ENS was unable to stand this rejection and the price dropped to $11.4 in an effort to rekindle the bullish trend. The price for ENS was strong, rising to $11.4 before continuing its climb up to $19.9.

Weekly resistance for the price of ENS – $20.5.

Weekly support for the price of ENS – $16.7.

Price Analysis of ENS on the Daily (1D), Chart

Daily ENS Price Table | Source: ENSUSDT On

The daily timeframe for the price of ENS looks good, showing incredible strength as the price holds above the 50 and 200 Exponential Moving Averages (EMA), acting as support for ENS’ price on the daily timeframe. 

ENS’ price needs to overcome the resistance at $20.5, a break and close above this region would send the price of ENS to a high of $25-$27. We could test the $16.77 support if the price does not break below.

Daily resistance for the price of ENS – $20.5.

Daily support for the price of ENS – $16.77.

Featured Image from zipmex. Charts From Tradingview 

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