ENS Crypto Rises To New Highs, What Should Be Plan Of Action?

• In the last last 1 year, the price of Ethereum Name Service crypto has advanced by 171%.
• The security score of ENS is certified as very good by Certik Skynet.

The Ethereum Name Service (ENS) is a decentralized naming system on the Ethereum blockchain, mapping human-readable names like ‘alice.eth’ to Ethereum addresses, content hashes, and metadata.

Created by Nick Johnson and Alex Van de Sande in 2017, ENS enhances blockchain usability and interoperability through simplified address mapping and metadata storage.

Ethereum Name Service has a very high liquidity and a volume/market cap ratio of 25.5%. Additionally, the market cap ranking of the crypto is #70 as per CoinMarketCap.

At press time, the market cap value of Ethereum Name Service is $1.03 Billion which has advanced by 27% in just the last 24 hours from the press time. The traded volume for the crypto has also witnessed an advance of 68% which further results in a traded value of $268.633 Million.

Top 10 holders of the crypto control 80.5% of the supply and ENS has a total of 65K holding addresses. The price volatility of the crypto is high resulting at 9.67% indicating a high probability of uncertain spikes in the price.

The fear and greed index for crypto further is at 53 which indicates neutrality in the sentiment of the crypto. Additionally, the crypto has a very high market cap presence, which is followed by a market cap dominance of 0.04%.

Ethereum Name Service Crypto Derivatives Analysis

A 72% spike in the open interest of Ethereum Name Service was recorded in the last 24 hours which further results in a value of $196.72 Million. This shows that a large number of open positions were added in the derivatives of the crypto.

The derivatives volume for the ENS advanced consistently over the last few days. Additionally, the derivatives trading advanced by 73% in the last 24 hours at to $965.47 Million (press time). The recorded short liquidation for the crypto is also ten times more than the longs liquidated over the last 24 hours reflecting bullish dominance. 

ENS Crypto Technical Analysis

By taking support at crucial support levels, the price of the ENS crypto shot up to higher levels.

From the swing low of $10.36, ENS rose to $32.0 in the last three months which translates to over 180% in returns.

The following breakout in the crypto price indicates a higher probability of a surge in the price.

ETH/USD Chart by TradingView

ENS has advanced above crucial EMAs on the chart, followed by a golden crossover of the 50-day and the 200-day EMAs. The price of the crypto further has advanced by 35% from the 20-day EMA.

The MACD and the signal line are trading in a bullish trajectory followed by a golden cross of the metrics. Also, the histograms formed on the chart are strongly bullish. 

The RSI, in a bullish cycle, broke above a key SMA and sustained above the same. At press time, the RSI was at a level of 68.29.

Summary

ENS had surged 171% in the past year, with market cap at $1.03 Billion, ranking #70. High liquidity, strong technical indicators, and bullish derivatives activity suggest further price increases. 

Top holders control 80.5% of supply, and the fear and greed index is neutral, indicating potential for continued bullish momentum.

Additionally, the support levels for ENS are $18.0 and $21.00 and if the price continues to surge, it might face resistance at $40.0 and $45.0.

Disclaimer

This article is for informational purposes only and does not provide any financial, investment, or other advice. The author or any people mentioned in this article are not responsible for any financial loss that may occur from investing in or trading. Please do your research before making any financial decisions.