Ethereum Name Service (ENS) has been listed on a major exchange platform which might lead to price gains. Moreover, this development comes as ENS shows strong bullish potential after a prolonged period of consolidation. Analysts are watching its market movements, predicting major price performance soon.
Upbit’s Latest Addition
Crypto exchange Upbit recently announced the listing of Ethereum Name Service (ENS) on its platform. This move is expected to trigger interest from the Korean market.
Crypto analyst Batista, highlighted the potential for heightened activity, stating, “Upbit is listing $ENS! Korea’s FOMO will be kicking in. Time to dust off the 2+ year-old ENS accumulation.”
Ethereum Name Service (ENS) Price Analysis
Sjuul, a technical analyst from AltCryptoGems, offered a comprehensive analysis of ENS’s market behavior. He pointed out that ENS has been consolidating within a substantial range for over 900 days.
$ENS / $USDT – TA DEEP DIVE $ENS has been consolidating in this massive range for the past 900 days.On high time frame, it is trading on a clear bullish market structure.It's definitely a coin that should have your attention.Follow me below to know more about it. pic.twitter.com/ES2jJAAxZ5
— Sjuul | AltCryptoGems (@AltCryptoGems) July 8, 2024
He emphasized, “$ENS has been consolidating in this massive range for the past 900 days. On high time frame, it is trading on a clear bullish market structure.”
According to Sjuul, ENS is currently in the expansion phase of a key market structure setup. “It’s definitely a coin that should have your attention,” he remarked. The price is trading within a crucial range, indicating potential for a breakout.
“Since reclaiming the support level, it started expanding within the green box and pushing towards that untapped resistance level above,” he added.
Key Support and Resistance Levels
ENS’s price action reveals a distinct pattern of rebounding from crucial support levels. Sjuul observed the token’s behaviour on shorter timeframes, noting its confinement within a specific range.
He pointed out recent price deviations both above and below this range, suggesting an imminent breakout. “You can expect a range resolution soon,” Sjuul predicted, highlighting the potential for a price move soon.
Furthermore, Sjuul emphasized the critical role of a specific demand zone in maintaining ENS’s upward trajectory. He identified a key area, represented by a grey box in his analysis, where the price has demonstrated strong support.
The analyst pointed out two instances where ENS quickly rebounded after touching this zone. This behaviour, according to Sjuul, underscores the importance of this demand area for sustaining the token’s bullish momentum.
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ENS Price Action and Future Prospects
With ENS trading at $27.55, it has seen a 10.28% increase in the past day, with a trading volume of $477,541,133, according to CoinGecko. This recent surge in price shows the growing interest and potential of ENS in the crypto market.
The current consolidation and bullish market structure suggest a promising future for ENS. Sjuul’s analysis concludes with a bullish outlook:
“With a clear bullish structure and after this massive consolidation, $ENS could break out at any time. Make sure you have it on your watchlist as it can become one of the outperformers once the market resumes the upward trend.”
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