Is ENS Crypto Price Poised To Rise To New Swing Highs?

• Ethereum Name Service crypto’s price has witnessed a huge long liquidation in the last 24 hours.
• The ENS price is up by 234% from its all-time low price.

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

Launched in May 2017 by Nick Johnson and Alex Van de Sande, ENS simplifies interactions with Ethereum, supporting address mapping, decentralized content, metadata storage, and subdomain creation.

Ethereum Name Service Crypto has huge liquidity based on its market cap, as its traded volume is 23% of its market cap. Also, the value of the crypto-traded volume is worth $166.639M.

Ethereum Name Service crypto has a market cap ranking of #94, as per CoinMarketCap. Its market cap has witnessed a decline of 2.8% in the last 24 hours from press time. 

The supply inflation of crypto is also high, resulting in 10.01%, further followed by a market cap dominance of 0.03%. The sentiment of the crypto further is bullish, as per the analysts. 

Ethereum Name Service Crypto Derivatives Data Analysis Overview

The derivatives’ open interest has been static over the last 24 hours, followed by a slight decline of 0.14% from press time in the last 24 hours.

Crypto has started to witness a surge in its derivatives trading volume over the last few days, which shows the advance in crypto trading activity. When writing, the derivatives trading volume has increased by 52% in the previous 24 hours. 

The liquidation data recorded in the crypto further supports the bears, as a higher long liquidation is recorded in the crypto worth $685.22K against the short liquidation of $175.19K. 

ENS Crypto Technical Analysis

The formation of consistent higher high swing can be seen on the daily chart of the ENS crypto.

From a recent swing low of $10.36, the ENS crypto price started to witness buying, which led to a surge of 180% in the trading price.

Further ahead, a profit booking came into the market, which led to a decline of 25%. The crypto price is sustaining itself above the most recently developed swing low and taking support simultaneously.

If the ENS crypto price further breaks above the most recent swing high of $25.00, the following momentum might lead the price to further higher levels. 

ENS/USD Chart by TradingView

The ENS crypto price is taking support at the 20-day and 50-day EMAs, following which the following EMAs are trading in a golden crossover. This further shows that the bulls dominate the overall crypto price.

The MACD further gives a neutral signal on the charts, as its metrics are trading in positive territory but have formed a bearish crossover. 

The RSI has broken above the 14-day SMA and has sustained above the 50-level, which shows strength in the crypto price. 

Summary

ENS crypto has surged 234% from its all-time low, supported by strong buying interest. Recent profit-taking caused a 25% decline but found support above previous lows. 

Bullish momentum could propel prices higher if it breaks above $25. Technical indicators like EMAs and RSI suggest bullish dominance despite a neutral MACD signal.

The support levels for the ENS crypto price are $13.10 and $19.00, followed by the resistances of $30.0 and $35.0.

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.