- ENS price remains a bullish trend after a retake of the $15 area since the price is in the process of retesting the significant resistance.
- ENS trades over crucial support levels as prices recover between the 8- and 20-day EMA.
- Its price ENS is aiming to maintain its upward trend because the price shows strong bullishness after breaking free of the descending triangle.
Ethereum Name Service (ENS) has been looking more shrewd in its price action than Tether (USDT) after the price broke out of a descending triangle, establishing a bullish trend. The cost of Ethereum Name Service looks set to surpass its $20 threshold. Ethereum Name Service (ENS) has seen an overwhelmingly positive response, as prices of other altcoins and the crypto market appear to rebound from crucial support zones. The BNB Price is looking more steady for a test of the critical resistance of $20. (Data obtained from Binance)
Ethereum Name Service (ENS) Price Analysis on The Daily Chart.
Despite having difficulty breaking above $17 in the past few months and declining its weekly support, the ENS price is holding its primary license of $14. In the face of ambiguity in the market regarding the direction it will take, and what it will cost, ENS has shown great power in the region.
Despite the bear market, which has made trading complex, the value of ENS remains to show positive indications of recovery. It has exceeded its monthly rate of return (ROI) for the most popular cryptocurrency.
After retesting a weekly low of $12.5, The cost of ENS has been rising recently to $15, but it was denied to move higher for the price to go up. In the past, the price of ENS was in a range when it tried to break the $15 threshold.
It is worth noting that the price for ENS reached $17. however, it is required to establish an upper level of support for its price to ENS to rise towards the $20 area, where it will be facing its first significant test. If the value of ENS cannot stay at or above the $17 mark, you could see it revisit the $15 region, which acts as a solid area to support the price.
Weekly resistance for the price ENS 20 – $20.
Weekly support is available for the cost of ENS is $15. Price Analysis of ENS’s ENS on the Daily (1D) Diagram Daily Price Chart of ENS Tradingview.com
The time frame of daily prices of ENS is still looking solid as it aims to reach a peak of $20 following the successful break out of an ascending triangle, creating the perfect opportunity for traders to make additional buy-orders.
Its price ENS is currently at $17.4 over the 20 and 8-day Exponential Moving Average (EMA). The price that is $16.2 and $15.3 correspond to the price at the 20 and 8-day EMA for BNB in the daily timeframe.
Daily resistance to the ENS price of $20.
Support for daily use at the ENS price of $15.
In Chain Analysis Of ENS
The ENS Onchain Data • Source Messari.io
The cost of ENS is still falling from its record at $83; analysis on the chain suggests a better forecast for the next three months, despite the negative market sentiment. ENS has produced a decent 3-month ROI (ROI) of 80%.
