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
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
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