Ethereum

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Ethereum Name Service

You can also read this news on COINTURK NEWS: <a href="https://en.coin-turk.com/ethereum-name-service-faces-market-challenges/" data-wpel-link="internal">Ethereum Name Service Faces Market Challenges</a> 
<a href="https://en.coin-turk.com/experts-anticipate-ethereum-etf-approval/" data-wpel-link="internal">Ethereum</a> Name Service (ENS) is known for making significant impacts in the market. Vitalik has occasionally mentioned it, causing its price to rise, and while the project struggles to stay above $26, the price has temporarily dipped below this level. 
<h2 style="text-align: justify" id="ethereum-name-service-comments">Ethereum Name Service Comments</h2> 
In the last 10 days, ENS price has significantly risen, showing that over 90% of the supply is in profit. This indicates a market peak for ENS. 
Market peaks generally occur when the total supply in profit exceeds 95%. However, for ENS, this threshold was 90%. 
Historical <a href="https://newslinker.co/category/ai/" target="_blank" rel="noopener" data-wpel-link="exclude">data shows</a> corrections occur when this threshold is breached. Currently, ENS is at 92%, suggesting a possible upcoming correction. 
<img loading="lazy" loading="lazy" decoding="async" class="aligncenter size-full wp-image-363664" src="https://coin-turk.com/wp-content/uploads/2024/06/ens-1-coin-turk-com.png" alt="" width="1130" height="385"> 
Given the high profitability in the market, the likelihood of holding profits may decrease. The Global In/Out of the Money (GIOM) indicator shows that nearly 5.56 million ENS, worth $144 million, could turn into loss positions. 
<img loading="lazy" loading="lazy" decoding="async" class="aligncenter size-full wp-image-363665" src="https://coin-turk.com/wp-content/uploads/2024/06/ens-2-coin-turk-com.png" alt="" width="1140" height="323"> 
<h2 style="text-align: justify" id="what-will-be-the-ens-price">What Will Be the ENS Price?</h2> 
ENS is currently trading at $25.7, marking the third time this year it has fallen below the $26 support level. After the last attempt, it couldn’t stay above this level and dropped below $19.2. Given the current situation, a repeat of this process is possible. 
If the altcoin fails to rise above $26, it may drop to $23 and then to $20.9 if it can’t hold this support. If <a href="https://finance.coin-turk.com/" data-wpel-link="exclude">investors</a> rush to take profits, larger sell-offs could be triggered, pushing the price down to $19.2. 
<img loading="lazy" loading="lazy" decoding="async" class="aligncenter size-full wp-image-363666" src="https://coin-turk.com/wp-content/uploads/2024/06/ens-3-coin-turk-com.png" alt="" width="1098" height="451"> 
Despite these negative price expectations, a rebound from any of the existing supports could see the price surpass $26 and attempt to secure it. If successful, the bearish outlook will disappear, potentially leading to a new bullish trend. 
<h5>The post first appeared on COINTURK NEWS: <a href="https://en.coin-turk.com/ethereum-name-service-faces-market-challenges/" data-wpel-link="internal">Ethereum Name Service Faces Market Challenges</a></h5>

Ethereum Name Service Faces Market Challenges

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