Ethereum Name Service Price Prediction 2023-2030: Will ENS Price Hit $30 Soon?

• Bullish Ethereum Name Service (ENS) price prediction ranges from $8.14 to $28
• Analysis suggests that the ENS price might reach above $18.26 
• The ENS bearish market price prediction for 2023 is $8.15

Aside from Bitcoin (BTC) and Ethereum (ETH), there are other digital currencies worth considering for people looking to diversify their portfolios and get experience with new cryptocurrencies, Ethereum Name Service (ENS) is one of them.

The Ethereum Name Service, or ENS, is a distributed platform based on the Ethereum blockchain that gives an easy solution to long and confusing crypto addresses: one URL that symbolizes a crypto address, exactly like a website name or email address. To make crypto addresses easy to read and publish, ENS uses the same concept as the Domain Name Service (DNS), which maps simple website names to their IP addresses.

If you are interested in the future of ENS and want to know its predicted value for 2023, 2024, 2025, and 2030, keep reading!

Ethereum Name Service (ENS) Market Overview

What is Ethereum Name Service (ENS)?

The Ethereum Name Service (ENS) is a distributed, open, and extendable blockchain-based naming system. ENS translates human-readable Ethereum addresses like john.eth into machine-readable alphanumeric codes like Metamask wallets. It is also feasible to convert metadata and machine-readable addresses into human-readable Ethereum addresses.

The purpose of Ethereum Name Service is to make the Ethereum-based web easier for humans to access and comprehend, in the same way, that the Internet’s Domain Name Service makes the internet more accessible. ENS, like DNS, employs a system of dot-separated hierarchical names known as domains, with domain owners having complete control over their subdomains.

Due to being the first service to move the Domain Name Service to the decentralized Web3, Ethereum Name Service provides a unique value proposition.

ENS’s internal structure is based on two smart contracts. The first is an ENS registry that lists all domains registered on ENS and keeps track of the data listed below: the website’s owner, domain name resolver, and the duration of all domain records’ caching.

The resolver is the second smart contract. Its goal is to convert machine-readable addresses into domain names and vice versa and then to match each domain with the associated user, website, or address.

ENS is built on Ethereum, using a proof-of-work consensus process, requiring miners to mine fresh Ether. The Ethereum blockchain is secured and validated via a network of decentralized nodes. Because of Ethereum’s decentralized design and over 10,000 nodes safeguarding the network, ENS cannot be hacked. Ethereum Name Service has also collaborated with wallets such as Coinbase Wallet.

Ethereum Name Service (ENS) Current Market Status

At the time of writing, Ethereum Name Service ranks 105 in terms of market capitalization, according to CoinMarketCap. ENS has 28,338,517 ENS coins, and its total market supply is 100,000,000ENS. ENS has a 24-hour trading volume of  $23,681,138, with a 25.87% increase. In the past 24 hours, the ENS price has decreased by 0.88%.

Current popular exchanges to trade Ethereum Name Service (ENS) are Binance, Coinbase, Kucoin, Kraken, and Uniswap v2.

Ethereum Name Service (ENS) Price Analysis 2023

Will Ethereum Name Service (ENS)’s most recent improvements, additions, and modifications help the ENS price rise? First, let’s focus on the charts in this article’s ENS price forecast.

Ethereum Name Service (ENS) Price Analysis – Keltner Channel

The Keltner channel is a technical indicator introduced by American grain trader, Chester W. Keltner to gauge the volatility of the market. For this purpose, it has three bands; the Upper band, Middle band (EMA), and lower band. 

The upper band is calculated by adding twice the Average True Range (ATR) to the EMA (middle band), while the lower band is calculated by subtracting twice the ATR from the EMA. Moreover, the Keltner bands could also be used to determine the direction of the price movement.

The chart above shows two red rectangles that denote the expansion and contraction of the Keltner channels. When the bands widen it means that there is going to be more volatility. Or in other words, the prices could drastically drop or increase. When the bands squeeze, there could be less volatility. This is because the range of fluctuation would be restricted and the prices will be constrained to move sideways. 

Additionally, when the price of a cryptocurrency continuously touches the upper or lower band and thereafter touches the opposite band, (which is, if a cryptocurrency continuously touches the upper band and finally touches the lower band, then we could determine that the bullish trend has faded.) This applies vice-versa as well. This behavior could be seen inside the green rectangle. 

Currently, ENS is testing the lower band, hence, there could be a trend reversal awaiting. Since this is the initial stage of testing the lower band, we could expect ENS to test the lower band a few more times before the trend reverses. 

However, although it is hard to adjudicate when the trend reversal could take place, it is more likely that ENS may rise in price and move toward the middle band. If the Bulls are strong, then ENS could move into the first half of the Keltner channel.

Although the price movement of ENS within the Keltner channel may be upwards its overall movement may be downwards, since the bands are tilting downwards. 

Ethereum Name Service (ENS) Price Analysis – Bollinger Bands

The Bollinger bands are a type of price envelope developed by John Bollinger. It gives a range with an upper and lower limit for the price to fluctuate. The Bollinger bands work on the principle of standard deviation and period (time). The upper band as shown in the chart is calculated by adding two times the standard deviation to the Simple Moving Average while the lower band is calculated by subtracting two times the standard deviation from the Simple Moving Average.

When this setup is used in a cryptocurrency chart, we could expect the price of the cryptocurrency to abide within the upper and lower bounds of the Bollinger bands 95% of the time. 

The above thesis is derived from an Empirical law also known as the three-sigma rule or the 68-95-99.7 which states that almost all observed data for a normal distribution (normal scattering of data) will fall within three standard deviations. 

As such for a data set that follows a normal distribution, 68% of data will fall within 1 standard deviation of the mean, while 95% of data for the normal distribution will fall within 2 standard deviations of the mean and 99.7% of data will fall within 3 standard deviations of the mean. 

Hence, as the Bollinger bands are calculated using two standard deviations, we could expect ENS to abide within the Bollinger bands 95% of the time. (i.e whenever the cryptocurrency touched the upper band, the chances of it coming down are 95%.). This concept applies vice-versa as well. 

Moreover, the sections highlighted by red rectangles show how the bands expand and contract. When the bands widen, we could expect more volatility, and when the bands contract, it denotes less volatility. Currently, the bands are opening up after being in a closed position. 

This could indicate that there is going to be more volatility for ENS in the future. Since ENS has touched the lower band, the market could correct the price and ENS could retrace and increase in value. This presents an excellent opportunity for those looking to short. However, it is vital to time the entry point to seize the opportunity.  

Moreover, as there seems to be more volatility in the future, those going long may consider ENS. 

Notably, the Bollinger Band behaves very closely with the Keltner channel. For instance, if you were to use both the Bollinger bands and Keltner channel indicators for a cryptocurrency, you would see that almost most of the time both indicators overlap.

However, the only difference between with Bollinger band and the Keltner channel is that the Bollinger bands use Standard Deviation while the Keltner channel uses Average True Range for calculating its bands which are the top and bottom limits.

Ethereum Name Service (ENS) Price Analysis – Relative Strength Index

The Relative Strength Index is an indicator that is used to find out whether the price of a security is overvalued or undervalued. As per its name, RSI indicators help determine how the security is doing at present, relative to its previous price. 

Moreover, it has a signal line which is a Simple Moving Average (SMA) that acts as a yardstick or reference to the RSI line. Hence, whenever the RSI line is above the SMA it is considered bullish and if it’s below the SMA then it is bearish. 

When considering the first green rectangle from the left of the chart below we can see that the RSI line (purple) is below the Signal line (yellow). As such, ENS is bearish or losing value. Therefore it is reaching lower lows as shown in the chart. 

The second green rectangle shows that the RSI is above the signal. Hence, ENS is bullish as it is making higher highs.

Currently, the RSI of ENS is at 39.25 and below the Signal line. However, the RSI is parallel to the horizontal axis. As such, ENS may consolidate and move sideways. 

To deduce the bearishness and bullishness of a cryptocurrency, the RSI compares the gains of the securities against the losses it made in the past. This ratio of gains against the losses is then deducted from the 100. 

If the answer is equal to or less than 30, then we call that the price of the security is in the oversold region. 

This means that many are selling the security in the market, and as such the security is undervalued.  Moreover, as per the Supply-demand curve theory, the price is supposed to drop when there is an increase in supply. 

If the answer is equal to or greater than 70 then the security is overbought as many are buying. Since many want to buy the security the demand increases which intuitively increases the prices.

Additionally, the RSI could be used to determine how strong a trend is. For instance, when a cryptocurrency is bullish or reaching higher highs, then the RSI line also should be making higher highs in unison. 

For instance, if the RSI is making lower highs when the cryptocurrency is making higher highs, then we may say that although the token/coin is on a bullish trend it is losing value. As such, there could be a trend reversal in the future. 

However, the RSI could also give false alarms for breakouts. Although we may expect, the prices to retrace if it goes to the oversold or overbought region, the prices also can stay in the oversold or overbought region for an extended period. As such, traders should be wary of it and let the market saturate before making vital decisions. 

Ethereum Name Service (ENS) Price Analysis – Moving Average

The Exponential Moving averages are quite similar to the simple moving averages (SMA). However, the SMA equally distributes down all values whereas the Exponential Moving Average gives more weightage to the current prices. Since SMA undermines the weightage of the present price, the EMA is used in price movements. 

The 200-day MA is considered to be the long-term moving average while the 50-day MA is considered the short-term moving average in trading. Based on how these two lines behave, the strength of the cryptocurrency or the trend can be determined on average. 

In particular, when the short-term moving average (50-day MA) approaches the long-term moving average (200-day MA) from below and crosses it, we call it a Golden Cross.

Contrastingly, when the short-term moving average crosses the long-term moving average from above then, a death cross occurs. 

Usually, when a Golden Cross occurs, the prices of the cryptocurrency will shoot up drastically, but when there’s a Death Cross, the prices will crash. 

Whenever the price of cryptocurrency is above the 50-day or 200-day MA, or above both we may say that the coin is bullish. Contrastingly, if the token is below the 50-day or 200-day, or below both, then we could call it bearish (Green triangle section).  

When considering the red Grey highlight section, ENS was above the 50-day MA. Hence we could say that it was bullish in the short term. Moreover, when paying attention to ENS’s movement since March, we can see that it tested the 50-day MA and thereafter the 200-day MA in quick succession. However, on both occasions, it didn’t have the momentum to break it. 

Currently, ENS is trading below both Moving averages after suffering a death cross. If the bulls give more pressure ENS could recover and reach the 50-day MA and then the 200-day MA. 

There is also another possibility for the 50-day MA to recover and start approaching the 200-day MA from below just like it happened in the previous occasion. 

Ethereum Name Service (ENS) Price Prediction 2023-2030 Overview 

Ethereum Name Service (ENS) Price Prediction 2023

The chart above shows that ENS is trading taking the Cup and handle pattern. Most of the fluctuation within the cup is between Support 1 and Resistance 1. Although ENS tested Resistance 1 at $18.5 on numerous occasions, it wasn’t able to break. The handle of the cup is reaching lower highs while its lows have been quite consistent. This depicts that although the bullish momentum has been tamed down, the bulls seemed to have not given up the fight. 

Meanwhile, the Bollinger bands are widening we could expect more volatility in the market in the future. As such, ENS may break Resistance 1 at $18.5 and reach Resistance 2 at $27.50. However, if ENS is rejected at Resistance 1, it may seek assistance from Support 1 at $8.14. 

Ethereum Name Service (ENS) Price Prediction – Resistance and Support Levels

When looking at the chart above we could see that ENS has been falling inverse exponentially and decreasing in value as shown by the highlighted section. ENS fell from Resistance 5 at ≈ $76 to $13 just below Resistance 1 within a span of four months. ENS’s rapid fall was retarded only when it reached below Resistance 1. 

Ever since ENS reached Resistance 1 it has been between Resistance 1 and Support 1. ENS managed to break Resistance 1 only a couple of times since 2022. Although it tested Resistance 1 on numerous occasions, it didn’t have the momentum to break through. As such we could expect ENS to consolidate between Resistance 1 and Support in the future. 

Nonetheless, the Bollinger bands are widening and ENS has touched the lower Bollinger band, hence we could expect the price to rise. ENS may test Resistance 1 and if it has enough momentum it could break it, but if it is rejected at Resistance 1, it may reside between Resistance 1 and Support 1. 

Ethereum Name Service (ENS) Price Prediction 2024 

There will be Bitcoin halving in 2024, and hence we should expect a positive trend in the market due to user sentiments and the quest by investors to accumulate more of the coin. Since the Bitcoin trend affects the direction of trade of other cryptocurrencies, we could expect ENS to trade at a price not below $49.21 by the end of 2024.

Ethereum Name Service (ENS) Price Prediction 2025

ENS may still experience the after-effects of the Bitcoin halving and is expected to trade above its 2024 price. Many trade analysts speculate that BTC halving could create a huge impact on the crypto market. Moreover, similar to many altcoins, ENS will continue to rise in 2025 forming new resistance levels. It is expected that ENS would trade beyond the $75.48 level.

Ethereum Name Service (ENS) Price Prediction 2026

It is expected that after a long period of bull run, the bears would come into power and start negatively impacting the cryptocurrencies. During this bearish sentiment, ENS could tumble into its support regions. During this period of price correction, ENS could lose momentum and be a little below its 2025 price. As such it could be trading at $38.65 by 2026. 

Ethereum Name Service (ENS) Price Prediction 2027

Naturally, traders expect a bullish market sentiment after the crypto industry was affected negatively by the bears’ claw. Moreover, the build-up to the next Bitcoin halving in 2028 could evoke excitement in traders. As such we could expect ENS to trade at around $52.08 by the end of 2027. 

Ethereum Name Service (ENS) Price Prediction 2028

As the crypto community’s hope will be re-ignited looking forward to Bitcoin halving like many altcoins, ENS will continue to form new higher highs and is expected to move in an upward trajectory. Hence, ENS would be trading at $64.67 after experiencing a massive surge by the end of 2028. 

Ethereum Name Service (ENS) Price Prediction 2029

2029 is expected to be another bull run due to the aftermath of the BTC halving. However, traders speculate that the crypto market would gradually become stable by this year. In tandem with the stable market sentiment and the slight price surge expected after the aftermath, ENS could be trading at $84357 by the end of 2029.

Ethereum Name Service (ENS) Price Prediction 2030

After witnessing a bullish run in the market, ENS and many altcoins would show signs of consolidation and might trade sideways and move downwards for some time while experiencing minor spikes. Therefore, by the end of 2030, ENS could be trading at $81.55.

Ethereum Name Service (ENS) Price Prediction 2040

The long-term forecast for ENS indicates that this altcoin could reach a new all-time high(ATH). This would be one of the key moments as HODLERS may expect to sell some of their tokens at the ATH point. 

However, ENS may face a slight fall before starting its upward journey once again. It is expected that the average price of ENS could reach $145 by 2040.

Ethereum Name Service (ENS) Price Prediction 2050

The community believes that there will be widespread adoption of cryptocurrencies, which could maintain gradual bullish gains. By the end of 2050, if the bullish momentum is maintained, DOT could surpass the resistance level of $179.

Conclusion

As said above, the price of ENS may even reach above $27.53 if investors have decided that the cryptocurrency is a good investment, along with mainstream cryptocurrencies. 

FAQ

Disclaimer: The views and opinions, as well as all the information shared in this price prediction, are published in good faith. Readers must do their research and due diligence. Any action taken by the reader is strictly at their own risk. Coin Edition and its affiliates will not be held liable for any direct or indirect damage or loss.

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