Will Ethereum Name Service(ENS) Price Hit The High Of $20 Soon?

Ethereum Name Service is an extensible naming system that is based on the Ethereum blockchain. ENS converts a long blockchain Ethereum address into a human-readable address. The goal of ENS is to make Ethereum web services easier for their users. Meanwhile, users can also associate ENS domains to decentralized websites and various other things. The airdrop of Ethereum Name Services came in 2021 and since then it has gained huge popularity. It also faced some backlash in 2022 over a few tweets by its director of operations. The monthly new accounts of ENS have observed a strong decline in the past few months as per Dune Analytics. The total number of users of ENS has been seeing a consolidation in the past few weeks. The total number of whales on Ethereum Name Service has not seen any changes as per CMC. The revenue of ENS has observed a drop of over 11% in the past 30 days as per Token Terminal.

Ethereum Name Service has a market cap of $297 Million and is ranked 108th in the CMC. Meanwhile, the social dominance of ENS has observed a slight decline in the past few days. The V/M ratio of ENS suggests a consolidated trend in price.

ENS Consolidation Continues

The weekly technical chart of Ethereum Name Service suggests a weak downside trend in price. On the daily chart, it is trading near the value of $10.45 with a small drop in the intraday session. It is observing a strong consolidation in the daily chart. The upside trend of ENS can be seen near the value of $12.Meanwhile, the support of the asset price can be seen near $8.The correlation between the ENS and ETH is near 0.86 which can observe a rise in the future. The asset price is trading below the 50 and 100 Daily Moving Averages. There can be a negative crossover in the future which can push the price to a new low in the future.

The RSI of ENS is near 40 hinting its presence in the neutral zone. There is no slope in RSI suggesting a consolidated trend in price.

Summary

Ethereum name services have seen a decline in active addresses and revenue in the past few weeks. ENS is currently observing a consolidating trend in price but can see a new high in the future.

Technical Levels

Major Support:$8

Major Resistance:$12

Disclaimer

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