Ethereum Name Services Price Displays 2x Gains! Will ENS Price Hold Its Gains?

The post Ethereum Name Services Price Displays 2x Gains! Will ENS Price Hold Its Gains? appeared first on Coinpedia Fintech News

The ENS coin displayed a massive surge in its address during the years 2021 and 2022, but following the bear market in 2023, the price lost a major valuation.

Further, the ENS price has recently regained momentum, highlighting an increased buying pressure in the market. 

The ENS coin price traded in a narrow space between $8 and $9.32 for a brief period, following which the market gained momentum and the price broke out of the range.

However, the rally was short-lived as the price faced rejection at $10.91, after which the coin traded sideways for over a week. As the altcoin hype grew, Ethereum Name Services recorded a jump of approximately 97% in its valuation.

Following this, the price traded sideways in a consolidated range between $10.91 and $15.74 for about a week. Recently, the price recorded a massive jump of 98%, indicating an increased bullish sentiment in the market.

The technical indicator, MACD, displays a decline in the green histogram, indicating a decrease in the buying pressure for the coin. Moreover, the averages show a bearish curve, suggesting a high possibility of a trend reversal in the coming days.

Will ENS Price Go Up?

If the bulls hold the price above the support level of $21.89, the ENS price will regain momentum and test its resistance level of $24.44. Further, if the bulls maintain the price at that level, the bulls will attempt to test its upper resistance level of $26 in the coming time.

Negatively, if the bears overpowered the bulls, the Ethereum Name Services will lose momentum and fall to test its support level of $19.02.

Moreover, if the bears continue to dominate the market, it will plunge and prepare to test its lower support level of $15.74 over the weekend.