Ethereum

Token

2024

Ethereum Name Service

<ul>
 <li>Ethereum Name Service (ENS) token has surged over 8% in value in the past 24 hours.</li>
 <li>The announcement of an upcoming ENS rebranding fuels the recent price surge.</li>
</ul>
The old and well-known altcoin Ethereum Name Service (ENS) has shown a notable surge, rising over 8% in the last 24 hours. This increase comes following the announcement of an upcoming rebranding for ENS.
<div class="wp-block-image">
 <figure class="aligncenter"><img decoding="async" src="https://lh7-us.googleusercontent.com/docsz/AD_4nXdEm8cAQnQSsygPN9l2q-6lzN0V0vErsehOaxMtIWra69u57T-I07-vhlsP0IU2zfxNsC-tk1DXG5um6pwgiN6eH-xSJVayBBFr5M1gKwIr_6QEKi5lgaXBFPXplFAXfsb4A6MmPNkF3yTkYNlQAdow7G4?key=Am_et8WoR_iE-k2kl3Tf0w" alt="">
 <figcaption class="wp-element-caption">Ethereum Name Service (ENS) Price Chart (Source: <a href="https://coinmarketcap.com/currencies/ethereum-name-service/" target="_blank" rel="noopener noreferrer nofollow">CoinMarketCap</a>)
 </figcaption>
 </figure>
</div>
At the time of writing, ENS is trading at $26.64 with a market cap of $834 million. The daily trading volume has also seen a significant boost, rising 14% to reach $134 million. This surge indicates heightened investor interest and activity surrounding the token.
<h2 class="wp-block-heading" id="h-will-ethereum-name-service-ens-hit-new-high">Will Ethereum Name Service (ENS) Hit New High?</h2>
Since the start of the year, ENS has faced persistent resistance in the price range between $27.82 and $29.16, which has become a critical zone to surpass. Despite this, the overall trend remains bullish. Further, the on-balance volume (OBV) continues its upward trajectory, suggesting that buying pressure is outpacing selling pressure.
However, the 200-day moving average (MA) indicates some price pressure, which could lead to a bullish breakout beyond the current resistance levels. Still, as the second half of the year begins, there is potential for continued upward movement, possibly pushing ENS towards a new all-time high (ATH).
ENS previously achieved its ATH on November 11, 2021, during a significant crypto market boom. Although the bullish rally in the first quarter of 2024 did not significantly benefit ENS or <a href="http://e-due-to-dencun-upgrade/" target="_blank" rel="noopener noreferrer nofollow">Ethereum price</a>. The anticipated rebranding could pave a new path for ENS. Additionally, the expected launch of a spot <a href="https://thenewscrypto.com/eth-sends-mixed-signals-as-spot-ethereum-etf-launch-in-july/" target="_blank" rel="noopener noreferrer nofollow">Ethereum ETF</a> on July 4th could serve as a catalyst for both ENS and ETH.

ENS Token Surges Over 8% Amid Rebranding Announcement

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TheNewsCrypto

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