Why is Ethereum Name Service (ENS) Price Up By 50%?

Ethereum Name Service (ENS), the blockchain domain name provider, has seen its token price surge over the last 24 hours amid growing anticipation of renewed upside for Ethereum (ETH) itself.

Key Takeaways

  • ENS token is up 50% in the last 24 hours to $21.68.
  • Volume over the past 24 hours topped $454 million.
  • Gains accelerated after Vitalik Buterin commented that ENS should expand Layer 2 accessibility.

The ENS token has mounted a massive 2-day rally totaling over 75%, significantly outpacing the wider crypto market.

In his recent tweet, analyst Crypto Bull 360 pointed to the ENS token gearing up to break out above its current horizontal resistance zone around $18. He argued ENS technology remains underrated while calling for an Ethereum bull run to also ignite the token.

The mounting upside momentum aligns with his bullish outlook, with ENS just hitting a 24-hour peak above $21.6. He highlighted that the key technical resistance zone is close to being overtaken by this surge.

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The accelerating gains come after Ethereum creator Vitalik Buterin recently called for ENS to expand onto multiple Layer 2s to “make ENS super-important” and “affordable!”

ENS has indeed surged anew since his January 3 tweet, benefiting from optimism around Ethereum’s adoption continuing to rapidly spread. With ENS a critical piece of ecosystem infrastructure and progress, its growth prospects appear intertwined with the underlying Ethereum bull run predicted.

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Petar Jovanović
Petar Jovanović

As the Head of Content at Captainaltcoin, I bring years of experience in the crypto industry. With a strong belief in the potential of the web3 market since 2017, I'm passionate about sharing valuable insights and knowledge. Feel free to connect with me on LinkedIn and let's discuss the exciting world of cryptocurrencies and decentralized technologies!