Ethereum Name Service (ENS) has shown a remarkable rise, with its price increasing by over 46%, making it the most notable gainer among tokens in the past 24 hours. The substantial increase in ENS trading volume further supports this bullish trend.
ENS Growth and Overall Crypto Market
The cryptocurrency market cap stands at $3.31 trillion, marking a 2.59% increase over the past 24 hours, despite a drop in total trading volume by 8.36% to $201.06 billion. The Fear and Greed Index is at 84, indicating extreme greed. Bitcoin recovered from its recent downtrend, climbing above $97K in the morning hours, while Ethereum rose to $3.6K. Within the Ethereum ecosystem, the Ethereum Name Service (ENS) has emerged as the top gainer with a 24-hour price jump of over 46%.
Role of Key Market Participants
At press time, ENS is trading at $35.31 with its daily trading volume reaching $2.51 billion. ENS hit its lowest price of $23.88 in early hours and then climbed to its current peak. The market also observed a liquidation of $6.57 million in ENS during this period. An ENS whale entered the market after five months of dormancy, depositing 50K ENS worth $1.66 million into Binance to secure a $968K profit. This whale accumulated 322,739 ENS in 2022 and has sold 272,739 ENS since January 2024. It holds 50K ENS, with an estimated profit of $2.9 million. ENS's rally was further spurred by Coinbase CEO Brian Armstrong, who stated that ENS is a key decentralized identity project.
Technical Analysis of ENS
The technical analysis of Ethereum Name Service confirms the bullish sentiment in the market. The MACD line is stationed above the signal line, signaling a forthcoming positive trend if the bullish momentum persists. The Chaikin Money Flow indicator is shown at 0.20, suggesting positive money flow within the market and a possible surge in demand. ENS's daily trading volume has increased by over 315%, illustrating significant interest among traders. The four-hour price chart of ENS reports that the asset has breached crucial resistance levels, approaching the $37 mark, which could ignite a potential rally if the rising momentum continues. Support levels are at $32, and in a trend reversal, a steep correction might be seen.
The rise of Ethereum Name Service reflects sustained market optimism. Maintaining this momentum may lead to further price increases, while any corrections could test the recently achieved support levels.
