Ethereum’s ecosystem is doing pretty well following good news on ETH ETF trading.
One of the coins in this ecosystem is Ethereum Name Service (ENS) and the price surged around 30% in the past 24 hours which makes today one of the best performing days the ENA price had the whole year.
The coin has surpassed the $30 level and reached daily high at around $32.5 area. The global crypto market cap is also up by 4% during the same period.
What you'll learn 👉
ENS Price Analysis: Strong Upside Potential for
Crypto analyst Cold Blooded Shiller has shared some insights on the ENS price. According to him, ENS chart has broken out of a range that has been in place for two and a half years.
JAVON MARKS, another well-known analyst, has set an ambitious target of $76.121 for ENS. The analyst notes that as long as the breakout holds, there could be an additional 138% upside potential for ENS.
Analyst Poseidon provides a step-by-step outlook for ENS’s price movement. The analyst suggests that once the $28 level is broken, there is little resistance up to $40. Poseidon predicts a rise from $30 to $40 and ultimately sees a path to $120 for ENS.
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Show more +Multiple Resistance Levels Identified
Alan Santana offers a more detailed technical analysis, noting that ENS is now trading above a key resistance level (depicted as a purple line in their chart). The analyst sees potential for ENS to easily move above $34, $42, and $55, with room for additional growth beyond these levels.
Ecosystem Developments Bolster Bullish Sentiment
Several recent updates in the ENS ecosystem have likely contributed to the positive market sentiment:
- ENSPro Launch: AlexSlobodnik has announced ENSPro, an offchain subname management platform that allows users to name 0x addresses for free. This development enhances the utility of ENS domains.
- ENSvision Update: The ENSvision platform has released an update enabling users to easily showcase their ENS profiles.
- ENSjs Library Optimization: The ENSjs library has been optimized, resulting in an 11% size reduction and 67 fewer dependencies.
ENS has defied market conditions with its double digit surge. However, investors should wait and watch the overall market conditions before trying to make a decision.
Read more: Solana’s On-Chain Activity Rises – SOL Price To Rally?
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