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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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Bitcoin Struggles To Retain The $20,000 Mark While ENS Protocol Gains

In the past two days, Bitcoin triumphantly hit the critical level of $20K. This sudden push from the primary crypto asset was after hovering between $18K and $24K regions for some months. But following the effects of some macroeconomic factors, the price of BTC was rounding the $19K region.

This year has been the toughest for crypto assets and other financial instruments. But the struggle to remain valuable is seemingly paying off as most coins are currently regaining loss values. Even though the Feds are still hawkish, the market is gradually moving towards a bullish sentiment.

However, the bullish trend in the broader crypto market is spreading gradually. The leading crypto kept its position strongly despite the bears struggling to take over.

The appearance of the bulls has deterred further decline for BTC. Other cryptocurrencies are taking to the north, with Ethereum Name Service (ENS) emerging as the top performer.

With the new movement of prices, the cumulative market cap has hit $964.91 billion, indicating a surge of 0.70% over the past 24 hours. The overall implication of events shows a slight improvement in the trend compared to yesterday and last week. However, the broader crypto market sentiment still has elements of fear.

Bitcoin Consolidates The $20K Level

After hitting the critical level of $20,000 a few days ago, Bitcoin is currently displaying its sustainability. The asset has defended its stance on the level and also made an impressive consolidation. This was noted in the early trading hours of September 6, as the price of BTC reached $20,200.

It’s worth noting that the bears tried to pull down the price of Bitcoin yesterday as the token recorded $19,730 on Binance. Remaining at the critical level is the only chance for the leading crypto to make further uptrend.

At the time of writing, Bitcoin is hovering around $19,862 depicting a loss. Its market cap has reached over $386.2 billion, while its dominance over altcoins is at 40.04%.

Bitcoin depicts a loss on the chart l BTCUSDT on Tradingview.com
Altcoins Are Calm, While ENS Surged

The price movement for the altcoins show calmness, with a minimal drop for a few tokens. Most of the assets have consolidated their reclaims in the past day.

But the Ethereum Name Service’s coin, ENS is taking the lead with an almost 11% increase in today’s early hours trading. At the press time, ENS is trading at $16.91. EVMOS is closely following. Recall that EVMOS was the worst crypto asset in price performance as of yesterday. For Ripple (XRP), it seems to be a time of strength with progressive performance.

Featured image from Forbes, chart from TradingView.com