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Vitalik Buterin Blessing Boosts ENS Price: Token Soars On ‘Super Important’ Label

ENS, which stands for the Ethereum Name Service, witnessed a phenomenal increase of more than 50% in the value of its governance token on Wednesday.

The abrupt increase in price may be ascribed to the influential endorsement provided by Vitalik Buterin, one of the co-founders of the Ethereum blockchain.

Investors were energized and the ENS token reached unprecedented heights as a result of Buterin’s unequivocal declaration concerning the project’s importance.

Buterin’s Endorsement: ENS And Ethereum’s Future

With Buterin calling ENS “super important”, the project’s potential influence on the Ethereum community and the decentralized web is clear.

The endorsement of Buterin frequently acts as a catalyst for increased interest and investment in the cryptocurrency and blockchain industries, where his words carry considerable weight.

The Ethereum Name Service initiative offers a decentralized domain name system and is renowned for its contribution to the Ethereum ecosystem’s user experience simplification and improvement.

ENS simplifies blockchain interactions by linking human-readable names to complex Ethereum addresses, thereby increasing accessibility and user-friendliness.

The current value of the ENS token, according to the most recent update, is around $14.37, representing a significant increase of 40% over the past 24 hours.

Notably, the token has maintained a robust 50% increase over the past week, accumulating an impressive market capitalization of around $423.20 million.

During the same 24-hour period, the trading volume of the ENS token reached an impressive value of over $360 million, showing a heightened level of market activity.

According to CoinMarketCap, the current trading price of ENS has risen from a low of $8.50 on Wednesday to its highest level since April.

The considerable volume of transactions highlights the ever-changing characteristics of the market, as investors proactively participate in purchasing and selling in reaction to the latest advancements and endorsements within the ENS ecosystem.

Token Metrics And Buterin’s Support

ENS presently has a circulating quantity of 30 million tokens, resulting in a market capitalization of over $404 million.

Buterin emphasized in a statement on X the necessity for all Layer-2 solutions to concentrate on the development of trustless, Merkle-proof CCIP resolvers. The objective of this endeavor is to facilitate the registration, modification, and perusing of ENS subdomains directly on Layer-2 blockchains.

Buterin underscored the significance of ENS, pointing out the imperative for cost-effectiveness in its functioning. The designation “L2s” refers to blockchains at the most fundamental layer, Layer-2, which significantly improves the scalability of a Layer-1 blockchain by enabling transactions to occur at a quicker pace and at a lower cost.

Buterin brought attention to the markets’ need for universal name systems by describing ENS as extremely crucial, highlighting their importance to the blockchain experience.

Featured image from ICRYPEX

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Ethereum Name Service (ENS) Drops To $16 Support; Will Bears Come Out Top?

  • ENS’ price shows strength as price holds strong above the key support zone to avoid price retesting lower point on the daily chart.
  • ENS rejected a trend higher above $20 as the price faced a sharp rejection to a region of key Support of $16.5. 
  • The price of ENS continues to hold strong above the 50 and 200 Exponential Moving Averages (EMA) as the price aims to rally toward $20.

The price of Ethereum Name Service (ENS) has continued to hold strong as price trends toward the region of $20 have faced rejection earlier from that region. The crypto market has had little volatility compared to previous weeks, with many altcoins and major crypto players like Bitcoin (BTC) and Ethereum (ETH) continuing to move in a range with few exceptions. The likes of Ethereum Name Service (ENS) have had a great time rallying despite the uncertainty in the market, with many wondering if the $20 resistance would be broken for a higher high. (Data from Binance)

Ethereum Name Service (ENS) Price Analysis On The Weekly Chart.

Despite many altcoins struggling to trend in a range market, the price of ENS has been a standout performer as price rallied and held strong at key support zones showing the strength of buyers not willing to let go of price to sellers.

The price of ENS has had a bad time recently as the price declined from an all-time high of over $100 to a region of $8 before rallying to a high of $17. ENS’ price faced a rejection from $17 to break higher to the region of $20. 

After the price of ENS was rejected from $17, the price dropped to a region of $11, where the price seemed to have formed strong Support and likely a demand zone for future buy orders. The price of ENS rallied from $11 to a high of $17 as the price broke above to rally with more strength to $20, where it faced resistance back to $17.

The overall structure for ENS looks good as there are high chances of price retesting the regions of $20 and even higher.

Weekly resistance for the price of ENS – $20.

Weekly Support for the price of ENS – $16.5-$17.

Price Analysis Of ETH On The Daily (1D) Chart

Daily ENS Price Chart | Source: ENSUSDT On Tradingview.com

In the daily timeframe, the price of ENS continues to hold strong and trade above the key Support formed at 50 EMA after forming an uptrend line as the price respects this line acting as Support. 

The price of ENS needs to break and hold above $20 for the price to trend higher to a region of $27 and possibly $30.

Daily resistance for the ENS price – $20.

Daily Support for the ENS price – $16.5.

Onchain Analysis Of ENS

ENS On-Chain Analysis | Source: On Messari.io

The ENS price from the on-chain analysis looks more decent despite a fall of over 70%. ENS produced a reasonable return on investment (ROI) of 72% over the past three months compared to other crypto assets that have struggled for the past months.

Featured Image From zipmex, Charts From Tradingview and Messari

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Ethereum Name Service (ENS) Moves Silently With 20% Rise, Will Price Retest $27?

  • ENS price outshines the market as price shows strength rallying to a high of $20.
  • ENS tops the crypto price as it cracks over 20% gain in less than 24 hours despite the crypto bloodbath. 
  • The price of ENS shows bullish signs as the price holds above the 50 and 200 Exponential Moving Averages (EMA) with good volume. 

Despite the uncertainty that currently surrounds the cryptocurrency market, the price of Ethereum Name Service (ENS) has been one of the dark horses, rallying from $13 to $20. The crypto market suffered a new setback when the price of Bitcoin (BTC) fell from around $19,000 to $18,100 as the Consumer Price Index (CPI) indicated an increase in inflation, negatively affecting the price of BTC with altcoins affected but Ethereum Name Service (ENS) demonstrating incredible strength. (Data from Binance)

Ethereum Name Service (ENS) Price Analysis On The Weekly Chart

Although the crypto market experienced a sharp decline due to the CPI news, the market appeared to be manipulated as Bitcoin’s (BTC) price dropped from $19,200 to $18,200 in hours. The market quickly recovered as most altcoins began to show strength, with ENS demonstrating how to run the show.

It remains to be seen whether the current bounce is a sham or will be sustained as Bitcoin Dominance rises; this will impact the price of altcoins, particularly when BTC retraces, causing more retracement for altcoins.

October began looking promising for altcoins, as they had significant strength to rally. Many traders are hoping that October will be a month of Uptober for the crypto industry, which has had a difficult bear season.

The price of ENS rose from a low of $7.5 to a high of $16, but that region quickly rejected the price, and ENS has struggled to hold this rejection as the price fell to $11.4 to rekindle that bullish run. The price of ENS showed tremendous strength, bouncing off $11.4 and continuing its rally to $19.9.

Weekly resistance for the price of ENS – $20.5.

Weekly support for the price of ENS – $16.7.

Price Analysis Of ENS On The Daily (1D) Chart
Daily ENS Price Chart | Source: ENSUSDT On Tradingview.com

The daily timeframe for the price of ENS looks good, showing incredible strength as the price holds above the 50 and 200 Exponential Moving Averages (EMA), acting as support for ENS’ price on the daily timeframe. 

ENS’ price needs to overcome the resistance at $20.5, a break and close above this region would send the price of ENS to a high of $25-$27. If the price fails to break above, we could retest the support at $16.77

Daily resistance for the price of ENS – $20.5.

Daily support for the price of ENS – $16.77.

Featured Image From zipmex, Charts From Tradingview 

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Ethereum Name Service (ENS) Breaks Out, Can Price Hit $20?

  • ENS price continues its bullish structure after a reclaim of the $15 region as the price stays on track to retest major resistance.  
  • ENS trades above key support as price reclaim 8 and 20-day EMA.
  • The price of ENS aims to continue its rally as the price shows bullish strength after breaking out of the descending triangle.

Ethereum Name Service (ENS) has looked more decent in price action against tether (USDT) after breaking out of a descending triangle to set up a more bullish sentiment. The price of Ethereum Name Service looks set to breach the $20 mark. Ethereum Name Service (ENS) has had a favorable response as the prices of altcoins and the crypto market look to bounce from their key support areas, with BNB price looking more stable for a retest of key resistance at $20. (Data from Binance)

Ethereum Name Service (ENS) Price Analysis On The Weekly Chart.

Despite struggling to break above $17 in recent weeks, with the price rejecting its weekly support, the ENS price has managed to hold its key support at $14; with so much uncertainty in the market about where it is headed, the price of ENS showed great strength in that region.

Despite the current bear market that has made trading even more difficult, the price of ENS continues to show strong signs of recovery and has surpassed its monthly return on investment (ROI) for major cryptocurrencies.

After retesting a weekly low of $12.5, the price of ENS has recently rallied to around $15 but has been rejected in an attempt to break higher in order for the price to trend. For a while, the price of ENS remained range-bound as it attempted to break the $15 mark.

The price of ENS broke above $17, but it needs to form support above this level for the price of ENS to rally to the $20 region, where it will face its first major test. If the price of ENS fails to hold above $17, we may see it retest the $15 region, which serves as a good support zone for the price.

Weekly resistance for the price of ENS – $20.

Weekly support for the price of ENS – $15.

Price Analysis Of ENS On The Daily (1D) Chart
Daily ENS Price Chart | Source: ENSUSDT On Tradingview.com

On the daily timeframe, the price of ENS continues to look strong as the price aims to rally to a high of $20 after a successful breakout from a descending triangle creating a more bullish scenario for traders to place more buy orders.

The price of ENS currently trades at $17.4 above the 8 and 20-day Exponential Moving Average (EMA). The prices of $16.2 and $15.3 correspond to the prices at 8 and 20-day EMA for BNB on the daily timeframe.

Daily resistance for the ENS price – $20.

Daily support for the ENS price – $15.

Onchain Analysis Of ENS
ENS Onchain Data | Source: On Messari.io

The price of ENS, despite still down from an all-time high of $83, the on-chain analysis shows a more decent outlook for the past three months despite the market sentiment still being bearish. ENS produced a reasonable three-month return on investment (ROI) of 80%. 

Featured Image From Zipmex, Charts From Tradingview and Messari

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Ethereum Name Service (ENS) Looks Strong, Eyes $16 Reclaim

  • ENS price ranges break above 50 EMA on the daily timeframe. 
  • ENS price gets rejected as price attempts to break out of an asymmetric triangle.
  • The price holds above daily support and could retest daily resistance for a possible break. 

Ethereum Names Service (ENS) price showed bullish strength recently, but the price has struggled to break above key resistance against tether (USDT). With Ethereum Name Service (ENS) facing resistance to breaking above $16, acting as a tough resistance area, the price of ENS continues to trade above daily support as the price aims to break key resistance. (Data from Binance)

Ethereum Name Service (ENS) Price Analysis On The Weekly Chart 

After bouncing from its weekly low of $9 as a price rally to a high of $17 before facing a stip rejection, the price of ENS has recently declined, and the price has continued to struggle to rejuvenate its bullish trend.

The price of ENS remains above a critical support level of $14, acting as a good demand zone for buy orders. For ENS to have a chance to trend higher, the price must break through its weekly resistance of $16.

To restore a relief bounce, the price of ENS must break and hold above the $16-$17 resistance level that is preventing the price of ENS from trending higher. If the price of ENS continues to reject $16, we may see a retest of $14 and possibly a lower support area of $10 on the weekly chart.

If the price of ENS breaks and holds above $17, it could spark a major rally, as this has proven to be a difficult area for the ENS price to break out of.

Weekly resistance for the price of ENS – $16-$17.

Weekly support for the price of ENS – $14.

Price Analysis Of ENS On The Daily (1D) Chart
Daily ENS Price Chart | Source: ENSUSDT On Tradingview.com

In the daily timeframe, the price of ENS continued to show strength as it faced rejection in an attempt to break out of its range following the formation of an asymmetric triangle with good volume and a bullish continuation pattern.

The price of ENS is $14.8 higher than the 50 Exponential Moving Average (EMA) but lower than the 200 EMA. The 50 EMA acts as a support for the ENS price, while the 200 EMA acts as resistance. Prices at 50 and 200 EMA for ENS are $14 and $17, respectively.

A break and close above $16 could see the price of ENS retest a high of $20.

Daily resistance for the ENS price – $16.

Daily support for the ENS price – $14.

Onchain Analysis Of ENS
ENS On-chain Analysis | Source: ENSUSD On Messari.io

The price of ENS from the on-chain analysis looks more decent despite having a fall of over 70%. ENS produced a reasonable return on investment (ROI) of 105% over the past five months compared to other crypto assets that have struggled for the past months.

Featured Image From zipmex, Charts From Tradingview and Messari