Ethereum Name Service (ENS) has shown significant growth, registering a 38.32% gain over the past 7 days and 19.45% over the last 24 hours. Strong fundamentals have driven this movement.
Indicators of Fresh Bullish Momentum
According to CoinGlass, ENS Futures Open Interest has surged, reaching levels not seen since early 2024. The current open interest is around $120 million, indicating strong capital inflow into leveraged positions.
Ethereum Name Service Price Analysis
ENS's price chart shows a strong breakout from the $24–$25 zone, which previously acted as stubborn resistance. This breakout is supported by rising volume and a close above the 200-day EMA at $20.85, along with a breach of the 23.6% Fibonacci retracement level at $22.49. The current price is $26.47, and ENS is approaching immediate resistance at $27.71.
Frequently Asked Questions
Why is ENS price surging right now? The listing on Coinbase Germany and a 157% spike in derivatives volume contributed to bullish sentiment. Is ENS overbought at current levels? The RSI at 78.17 indicates overbought conditions, hinting at potential consolidation or pullback. Where is the ENS price heading next? If ENS breaks above $27.71, it could rally towards the $37.91 resistance level.
Ethereum Name Service demonstrates impressive growth due to a combination of positive factors and high trading volumes, creating a foundation for further market growth.
