- Ethereum Name Service was currently at $11.66 with a decrease of 4.97% during the intraday trading session.
- The 24-hour low of ENS was $11.72 and the 24-hour high of ENS was $12.69.
- The current Ethereum Name Service token price is below 20, 50, 100, and 200-Day EMA.
The pair of ENS/BTC was trading at 0.0005759 BTC with a dip of 6.22% over the intraday trading session.
Ethereum Name Service price analysis suggests that it is currently in a downtrend after getting rejected from its secondary resistance of $18.100. After the start of 2022, ENS was declining which suggests that the sellers were controlling the market since the start of the year. After falling to its primary resistance of $15.505, ENS has been consolidating between its secondary support and resistance till the end of the year. This indicates that both buyers nor sellers didn’t have the upper hand in the market.
After the start of 2023 ENS again started moving upwards from its primary support of $10.427 breaking its primary resistance on its way up. As soon as the ENS coin touched its secondary resistance after breaking its primary resistance sellers pushed down the ENS token below its primary resistance which made the previous breakout a false breakout. This may be the cause of the current downtrend which can be seen in the daily trading chart.
The volume of the coin has decreased by 27.67% in the last 24 hours. The decrease in volume indicates that the number of sellers has increased. This shows that sellers are trying their best and there is a relationship between volume and the price of ENS, which represents strength in the current bearish phase.
Ethereum Name Service Price Technical analysis:
RSI is decreasing in the oversold zone and is shown a negative crossover which indicates that the sellers are coming in the majority and pushing ENS downwards. This suggests the strength of the current bearish trend. The current value of RSI is 33.53 which is below the average RSI value of 43.66.
The MACD and the signal line are decreasing but not showing any definitive crossover over the daily chart which can support the RSI claims. Investors need to watch every move over the charts during the day’s trading session.
Conclusion
Ethereum Name Service price analysis suggests that it is currently in a downtrend after getting rejected from its secondary resistance of $18.100. ENS token was consolidating between its secondary support and resistance in 2022. After the start of 2023 ENS again started moving upwards from its primary support. The decrease in volume shows negative market sentiment towards the token.RSI is decreasing in the oversold zone and is shown a negative crossover which shows strength in the current bearish trend, as per the technical indicators. Traders should take caution before making any trade in the market.
Technical Levels-
Resistance level- $15.505 and $18.100
Support level- $10.427 and $7.380
Disclaimer-
The views and opinions stated by the author, or any people named in this article, are for informational purposes only, and they do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
Source: https://www.thecoinrepublic.com/2023/03/11/ethereum-name-service-price-change-in-momentum-required-for-ens/