Ethereum Name Service (ENS) Moves Silently With 20% Rise, Will Price Retest $27?
- ENS price outshines the market as price shows strength rallying to a high of $20.
- ENS tops the crypto price as it cracks over 20% gain in less than 24 hours despite the crypto bloodbath.
- The price of ENS shows bullish signs as the price holds above the 50 and 200 Exponential Moving Averages (EMA) with good volume.
Despite the uncertainty that currently surrounds the cryptocurrency market, the price of Ethereum Name Service (ENS) has been one of the dark horses, rallying from $13 to $20. The crypto market suffered a new setback when the price of Bitcoin (BTC) fell from around $19,000 to $18,100 as the Consumer Price Index (CPI) indicated an increase in inflation, negatively affecting the price of BTC with altcoins affected but Ethereum Name Service (ENS) demonstrating incredible strength. (Data from Binance)
Ethereum Name Service (ENS) Price Analysis On The Weekly Chart
Although the crypto market experienced a sharp decline due to the CPI news, the market appeared to be manipulated as Bitcoin’s (BTC) price dropped from $19,200 to $18,200 in hours. The market quickly recovered as most altcoins began to show strength, with ENS demonstrating how to run the show.
It remains to be seen whether the current bounce is a sham or will be sustained as Bitcoin Dominance rises; this will impact the price of altcoins, particularly when BTC retraces, causing more retracement for altcoins.
October began looking promising for altcoins, as they had significant strength to rally. Many traders are hoping that October will be a month of Uptober for the crypto industry, which has had a difficult bear season.
The price of ENS rose from a low of $7.5 to a high of $16, but that region quickly rejected the price, and ENS has struggled to hold this rejection as the price fell to $11.4 to rekindle that bullish run. The price of ENS showed tremendous strength, bouncing off $11.4 and continuing its rally to $19.9.
Weekly resistance for the price of ENS – $20.5.
Weekly support for the price of ENS – $16.7.
Price Analysis Of ENS On The Daily (1D) Chart
Daily ENS Price Chart | Source: ENSUSDT On Tradingview.com
The daily timeframe for the price of ENS looks good, showing incredible strength as the price holds above the 50 and 200 Exponential Moving Averages (EMA), acting as support for ENS’ price on the daily timeframe.
ENS’ price needs to overcome the resistance at $20.5, a break and close above this region would send the price of ENS to a high of $25-$27. If the price fails to break above, we could retest the support at $16.77
Daily resistance for the price of ENS – $20.5.
Daily support for the price of ENS – $16.77.
Featured Image From zipmex, Charts From Tradingview