Ethereum

Rally

Bitcoin

Impact

Ethereum Name Service

ENS, the governance token of the <a href="https://coingape.com/ens-and-godaddy-merge-for-user-friendly-web-domains/" rel="noopener noreferrer nofollow">Ethereum Name Service</a> is witnessing a significant inflow defying the current market uncertainty. Over the last three days, the token has seen a remarkable 32.5% increase, climbing from $17 to $22.7. Analysis of the weekly chart reveals that this upward movement is contributing to the formation of a broader bullish pattern, indicating the possibility of a more significant rally ahead.
<h2 id="will-ens-price-ready-for-bullish-trend">Will ENS Price Ready for Bullish Trend?</h2>
<ul>
 <li style="font-weight: 400;" aria-level="1">A cup and handle pattern will drive the potential bull run in the ENS price</li>
 <li style="font-weight: 400;" aria-level="1">The current recovery may find high supply pressure at 27.5</li>
 <li style="font-weight: 400;" aria-level="1">The intraday trading volume in ENS is $246.5 Million, indicating a 66% gain.</li>
</ul>
<figure style="width: 100%" class="wp-caption alignnone"><img decoding="async" src="https://s3.tradingview.com/snapshots/r/r5LcDHKs.png" alt="ENS Price " width="1946" height="937">
 <figcaption class="wp-caption-text">
 ENS Price| TradingView Chart
 </figcaption>
</figure>
Amid the post-ETF sell-off in the crypto market, the <a href="https://coingape.com/price/ethereum-name-service/" rel="noopener noreferrer nofollow">ENS price</a> rally reversed from $27.5 and entered a new correction. The bearish reversal plunged the coin 43.75% to hit the 50% retracement level at $15.5.
<blockquote>
 As the broader market witnessed renewed demand pressure at the January End, the ENS price managed to hold above the aforementioned support and recuperate the strength for the next leap.
</blockquote>
This healthy retracement bolstered a new reversal from 50% FIB and pushed the price back to $22.78. The ENS Price is up 13% today growing on the recent partnership announcement with the domain registrar GoDaddy. Amid this collaboration, users can now directly link their Ethereum addresses to their domain names, ensuring seamless integration with numerous applications throughout the web3 ecosystem.
<blockquote class="twitter-tweet" data-width="550" data-dnt="true">
 We're thrilled to announce our partnership with <a href="https://twitter.com/GoDaddy?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">@GoDaddy</a> <img src="https://s.w.org/images/core/emoji/14.0.0/72x72/1f389.png" alt="🎉" class="wp-smiley" style="height: 1em; max-height: 1em;">
 Millions of customers can now use their DNS domains in the ENS ecosystem!
 Let's dive into what this means<img src="https://s.w.org/images/core/emoji/14.0.0/72x72/1f447.png" alt="👇" class="wp-smiley" style="height: 1em; max-height: 1em;"> <a href="https://t.co/PyrZi4e5cV" rel="noopener noreferrer nofollow">pic.twitter.com/PyrZi4e5cV</a>
 — ens.eth (@ensdomains) <a href="https://twitter.com/ensdomains/status/1754508567321981219?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">February 5, 2024</a>
</blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
With the positive reaction in price, the ENS token is likely to surge another 20% to challenge the last swing high of $27.5.
<h2 id="strong-bullish-reversal-pattern-sets-ens-for-new-rally-strong">Bullish Reversal Pattern Sets ENS for New Rally</h2>
<figure style="width: 100%" class="wp-caption alignnone"><img decoding="async" src="https://s3.tradingview.com/snapshots/4/4JTNfxTs.png" alt="ENS Price" width="1814" height="836">
 <figcaption class="wp-caption-text">
 ENS Price| TradingView Chart
 </figcaption>
</figure>
A look at the weekly time frame chart shows the recent recovery is part of a long bullish reversal pattern called the <a href="https://coingape.com/education/cup-and-handle-pattern-how-to-identify-and-take-leverage-of-it/" rel="noopener noreferrer nofollow">Cup-and-Handle pattern</a>. In theory, this chart pattern is commonly found at the bottom of major bear trends signaling a period of accumulation. Under the influence of this pattern, the ENS price is likely to surpass the $27.5 barrier.
If the chart pattern holds true, the ENS price rally could chase a potential target of $48.
<ul>
 <li aria-level="1">Exponential Moving Average (EMA): The ENS price back above the 20-day <a href="https://coingape.com/education/exponential-moving-average-how-to-leverage-it-in-crypto-market/" rel="noopener noreferrer nofollow">EMA</a> could offer additional support for coin buyers.</li>
 <li aria-level="1">Vortex Indicator: The VI+(blue) and VI-(pink) in a bullish crossover state reflect the recovery trend is still active.</li>
</ul>
<h3 id="related-articles">Related Articles:</h3>
<ul>
 <li><a href="https://coingape.com/blog/top-crypto-gainers-you-should-watch-today/" rel="noopener noreferrer nofollow">5 Top Crypto Gainers You Should Watch Today</a></li>
 <li><a href="https://coingape.com/markets/is-bitcoin-price-poised-to-double-in-value-as-spot-etf-net-daily-inflow-leaps-to-68m/" rel="noopener noreferrer nofollow">How Surging Spot ETF Net Daily Inflow Leap To $68M Could Impact Bitcoin Price In 2024?</a></li>
 <li><a href="https://coingape.com/regulatory-paralysis-yellens-latest-alarm-highlights-stalled-us-crypto-framework/?utm_source=sidebartabnews" rel="noopener noreferrer nofollow">Regulatory Paralysis: Yellen’s Latest Alarm Highlights Stalled US Crypto Framework</a></li>
</ul>
The post <a href="https://coingape.com/markets/ens-price-hints-rally-to-48-bottoming-on-chart/" rel="noopener noreferrer nofollow">ENS Price Hints Rally to $48 As Traditional Bottoming Sign Appears On Chart</a> appeared first on <a href="https://coingape.com" rel="noopener noreferrer nofollow">CoinGape</a>.

ENS Price Hints Rally to $48 As Traditional Bottoming Sign Appears On Chart

Table of Contents

Coingape News Media

Other articles published on Feb 6, 2024

US Treasury Secretary Janet Yellen Speaks on Cryptocurrencies Again: Urged Congress

Whale Watch: Crypto’s Elite Betting Big on Solana and Retik Finance (Retik) This February

Shiba Inu On-Chain Metric Sees Meteoric Rise Amid Surging Burn Rates

Shiba Inu Coin Sparks Market Interest Following Massive Burn Rate Surge

Crypto Market Analysis For February 6: BTC, OM, HONK

zkSync Airdrop: Unveiling the Future of Layer 2 Incentives

Join our free newsletter for daily crypto updates!