Why Is Ethereum Name Service (ENS) Up? Technicals Suggest Surge Isn’t Over, Reveals Critical Levels to Watch

January 26, 2024

Why is ENS Price Surging? Ethereum Name Service Teams Up With Internet Domain Giant

Ethereum Name Service (ENS) allows users to convert complex Ethereum addresses into easy-to-remember names, enhancing the usability of Ethereum-based services. With increased adoption, the ENS token has seen significant gains. The price has risen by more than 10% today, but technical indicators suggest there may be more upside ahead.

Breaking Out with Momentum
From a technical perspective, the ENS token broke out above a descending trendline two days ago and held support around that breakout level yesterday on a retest. So far today, the price has continued surging higher, moving from $17.8 up to $19.7. This momentum indicates the price may be heading for the top of its recent descending channel around $26.

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Bulls in Control
The daily Relative Strength Index (RSI) supports further gains. With an RSI above 50, bulls have taken charge. And at 58 currently, the index remains well below the overbought level near 70, leaving ample room to extend the uptrend.

Critical Resistance Ahead
Additionally, Fibonacci levels show $21-$22 could offer significant resistance where bulls must push through to reach the $26 target. But indicators currently favor the bulls in the near term.
Critical Resistance Ahead Additionally, Fibonacci levels show $21-$22 could offer significant resistance where bulls must push through to reach the $26 target. But indicators currently favor the bulls in the near term.

In summary, while ENS fundamentals improve amid growing adoption, technicals suggest there is more upside potential before the current price surge stalls out.

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