Ethereum

2024

Long

Million

Ethereum Name Service

<ul class="list-ic vertical">
 <li><span>1</span> <a>ENS has reclaimed strength and has climbed the key moving averages.</a></li>
 <li><span>2</span> <a>Buyers are looking to extend the surge and are eyeing a significant breakout.</a></li>
</ul>
<p>The <strong>Ethereum Name Service (ENS) </strong>is back on the bullish track and bulls have conquered the battle last week. After a long time, <strong>ENS crypto </strong>succeeded in rebounding from the bottom and witnessed a notable rise of over 65% in the last 20 trading sessions.</p>
<p>Fueled by the <strong>network upgrade</strong> proposal, ENS labs has proposed a ENSv2 which aims to drop the gas fees and enhance the scalability. Meanwhile, investors are waiting for its finalization, in case of which, users could take a lot of benefit from this upgrade.</p>
<p>Post the network upgrade, demand is up and ENS token price displayed a significant pump. <strong>ENS token</strong> has reached the bullish region and is free to go higher.</p>
<p>A decisive close above the $30 mark would trigger a major bull run which might shift <strong>ENS price</strong> toward the $50 mark.</p>
<p>At press time, <strong>ENS price</strong> traded at $23.70 with an intraday surge of 4.36%, reflecting buying momentum on the charts. It has a monthly return ratio of 68.90% and 276.30% yearly, reflecting a short term uptrend..</p>
<p>The pair of ENS/BTC is at 0.000356 BTC, and the market cap is $747.21 Million. Analysts are neutral and suggest that the <strong>ENS price</strong> may resume the bullish wave and might retest the $30 mark soon.</p>
<h2 class="wp-block-heading" id="strong-is-ens-ready-to-trigger-a-major-bull-rally-ahead-strong"><strong>Is ENS Ready to Trigger a Major Bull Rally Ahead?</strong></h2>
<p>Amidst the weak market structure and volatility, significant buying interest was revealed. ENS price is back on the bullish track. The token has completed its correction phase and could gain sharply.</p>
<p>Followed by a significant <strong>base formation</strong> around the $11 mark, buyers have accumulated the token and revealed a notable pullback in the past few weeks.</p> <iframe loading="lazy" title="Santiment Chart: Price (ENS), Volume (ENS)" width="1170" height="425" src="https://embed.santiment.net/chart?ps=ethereum-name-service&amp;pt=ENS&amp;df=2024-02-11T00%3A00%3A00.000Z&amp;dt=2024-06-10T00%3A00%3A00.000Z&amp;emcg=1&amp;emhwm=1&amp;wm=price_usd%3Bvolume_usd&amp;wax=0%3B1&amp;wc=%2326C953%3B%23D2D6E7&amp;ws=%7B%22interval%22%3A%221d%22%7D%3B%7B%22interval%22%3A%223d%22%7D" scrolling="no"></iframe>
<p class="has-text-align-center">Source: Santiment</p>
<p>Its trading volume soared over 31% to $84.97 Million while the market cap rose over 4.27% in the last 24 hours.</p>
<p>The momentum oscillators are reflecting <strong>bullish cues</strong>. The RSI curve sailed to the overbought zone and reflected a positive crossover, while the MACD indicator plotted green bars on the histogram directing the bullishness.</p>
<h3 class="wp-block-heading" id="strong-price-volatility-and-weighted-sentiment-overview-strong"><strong>Price Volatility and Weighted Sentiment Overview</strong></h3>
<p>Amidst the price rise, the price volatility curve significantly dropped over 8% to the 0.057 mark, suggesting that the selloff has eased.</p> <iframe loading="lazy" title="Santiment Chart: Price Volatility 1d (ENS), Weighted sentiment (Total) (ENS)" width="1170" height="425" src="https://embed.santiment.net/chart?ps=ethereum-name-service&amp;pt=ENS&amp;df=2024-02-11T00%3A00%3A00.000Z&amp;dt=2024-06-10T00%3A00%3A00.000Z&amp;emcg=1&amp;emhwm=1&amp;wm=price_volatility_1d%3Bsentiment_volume_consumed_total&amp;wax=0%3B1&amp;wc=%23FF5B5B%3B%23FFCB47&amp;ws=%3B%7B%22interval%22%3A%221d%22%7D" scrolling="no"></iframe>
<p class="has-text-align-center">Source: Santiment</p>
<p>The weighted sentiment data reveals a <strong>positive outlook,</strong> it stayed above the midline region, revealing that investors look confident in making long positions in the token.</p>
<h3 class="wp-block-heading" id="strong-ens-social-metrics-reveal-surge-in-popularity-strong"><strong>ENS Social Metrics Reveal Surge in Popularity&nbsp;</strong></h3>
<p>Following the incremental price action last week, the social metrics have reflected a bullish outcome. The social dominance data highlights a notable rise of over 34% and soared to 0.245%.</p> <iframe loading="lazy" title="Santiment Chart: Social Dominance (ENS), Twitter Followers 7d (ENS), Development Activity (ENS)" width="1170" height="425" src="https://embed.santiment.net/chart?ps=ethereum-name-service&amp;pt=ENS&amp;df=2024-02-11T00%3A00%3A00.000Z&amp;dt=2024-06-10T00%3A00%3A00.000Z&amp;emcg=1&amp;emhwm=1&amp;wm=social_dominance_total%3Btwitter_followers_7d%3Bdev_activity&amp;wax=0%3B1%3B2&amp;wc=%23FF5B5B%3B%23FFCB47%3B%238358FF&amp;ws=%7B%22interval%22%3A%221d%22%7D%3B%7B%22interval%22%3A%221d%22%7D%3B%7B%22transform%22%3A%7B%22type%22%3A%22moving_average%22%2C%22movingAverageBase%22%3A42%7D%7D" scrolling="no"></iframe>
<p class="has-text-align-center">Source: Santiment</p>
<p>Likewise, the development activity data pumped over 12% to 2.9 guiding a bullish view on the charts.</p>
<p>@Javon Marks highlighted that <strong><a href="https://www.thecoinrepublic.com/2022/07/23/ethereum-name-service-price-analysis-buyers-can-take-advantage-of-ens-tokens-breaching-broad-consolidation-limits/" target="_blank" rel="noopener noreferrer nofollow">ENS token</a></strong> displayed a major break out of an approximately 726 day resisting trend and has since, displayed notable progress, maintaining gains of nearly +200%.</p>
<p>With this breakout, the price target is at $76.121, and as it holds, another +222% is imminent and pullbacks may only aid this process.</p>
<center>
 <blockquote class="twitter-tweet">
  <p lang="en" dir="ltr"><a href="https://twitter.com/search?q=%24ENS&amp;src=ctag&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">$ENS</a> (Ethereum Name Service)'s prices have displayed a major break out of an approximately 726 day resisting trend and has since displayed notable progress, maintaining gains of nearly +200%!<br><br>With this breakout, the price target is at $76.121, and as it holds, another +222%… <a href="https://t.co/2JF8r6JQ9W" rel="noopener noreferrer nofollow">pic.twitter.com/2JF8r6JQ9W</a></p>— JAVON <img src="https://s.w.org/images/core/emoji/15.0.3/72x72/26a1.png" alt="⚡" class="wp-smiley" style="height: 1em; max-height: 1em;">MARKS (@JavonTM1) <a href="https://twitter.com/JavonTM1/status/1802011010082955753?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">June 15, 2024</a>
 </blockquote>
 <script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
</center>
<p class="has-text-align-center">Source: X</p>
<h3 class="wp-block-heading" id="strong-futures-oi-data-reflect-fresh-long-additions-strong"><strong>Futures OI Data Reflect Fresh Long Additions&nbsp;</strong></h3>
<p>Fueled by investor interest, the holders have made fresh positions this week, which triggered the price rise.</p>
<div class="wp-block-image">
 <figure class="aligncenter size-large"><img loading="lazy" decoding="async" width="1024" height="223" src="https://www.thecoinrepublic.com/wp-content/uploads/2024/06/image-187-1024x223.png" alt="ENS" class="wp-image-208847" srcset="https://www.thecoinrepublic.com/wp-content/uploads/2024/06/image-187-1024x223.png 1024w, https://www.thecoinrepublic.com/wp-content/uploads/2024/06/image-187-300x65.png 300w, https://www.thecoinrepublic.com/wp-content/uploads/2024/06/image-187-768x167.png 768w, https://www.thecoinrepublic.com/wp-content/uploads/2024/06/image-187-750x163.png 750w, https://www.thecoinrepublic.com/wp-content/uploads/2024/06/image-187-1140x248.png 1140w, https://www.thecoinrepublic.com/wp-content/uploads/2024/06/image-187.png 1432w" sizes="(max-width: 1024px) 100vw, 1024px">
 </figure>
</div>
<p class="has-text-align-center">Source: coinglass</p>
<p>The open interest surged over 4.30% to $86.59 Million in the last 24 hours and is revealing the bullish trend ahead. The immediate support levels for the <strong>ENS token</strong> are $20 and $17, whereas the key upside hurdle is around $27 followed by $30</p>
<h4 class="wp-block-heading"><strong>Conclusion</strong></h4>
<p><strong>ENS </strong>climbed above the key moving averages, revealing buyers’ accumulation in the last few trading sessions. Interestingly, the token has witnessed a significant trend reversal and is ready to unlock a major bull run ahead.</p>
<h4 class="wp-block-heading"><strong>Disclaimer</strong></h4>
<p>This article is for informational purposes only and provides no financial, investment, or other advice. The author or any people mentioned in this article are not responsible for any financial loss that may occur from investing in or trading. Please do your research before making any financial decisions.</p>

ENS Regained Bullish Momentum: Could It Cross $30 This Month?

Table of Contents

Thecoinrepublic.com

Other articles published on Jun 16, 2024

BlockDAG Attracts Influencer Support with $30 Price Forecast; Solana ETFs Face Election Hurdles, ...

Crypto Analyst Ali Martinez Bullish on Toncoin (TON): Predicts 46% Rally

Cardano’s Chang Fork update: Toncoin demand drops, new memecoin trending

Solana falls 10%, but a ‘Buy’ signal appears – Will SOL rise?

Rebel Satoshi gains market favor, Worldcoin, Dogwifhat holders cut losses

JASMY Price Bullish Once Again as Green Signal Sends JASMY Price Back Towards the Upward Trend

Join our free newsletter for daily crypto updates!