Ethereum Name Service (ENS) has been gaining much traction since it bounced off key support this week. It tapped a 21-month high as more surge lies ahead. Other Ethereum-based tokens have also joined the rally.
After witnessing a small recovery in late 2023, ENS took a short break and slipped to precisely $8 during last week’s meltdown. But the bulls did not stop showing commitment as they further pushed the price to $16.4 in the mid-week. It pulled back from there and ended that week slightly bearish.
The $11.6 level provided support and the price picked up this Monday. Yesterday came with a big surge and the price flipped through the previous high to test $18.2. It further showed strength and pushed to a daily high of $21.98.
This surge in volatility was fundamentally triggered by the latest breakout in ETH’s price. While the Ethereum-based naming token has sparked most traders’ and institutions’ attention in the past hours, we can expect more growth if ETH continues to increase by the day.
It is currently the top-gainer of the market with roughly $436.5 million in terms of trading volume over the last 24 hours. Of course, the bulls are in control with the latest market sentiment.
ENS’s Key Level To Watch
As ENS looks highly volatile on the daily chart, the potential level to consider as resistance is $24. Higher resistance levels to watch for more increases are $26 and $27.6, where it initiated drops in May 2022.
Considering a pullback, the closest support levels to remember right now are $20.4 and $18.2. A broader pullback below these supports is $16.4, followed by $14.5.
Key Resistance Levels: $24, $26, $27.6
Key Support Levels: $20.4, $18.2, $16.4
- Spot Price: $21.57
- Trend: Bullish
- Volatility: High
Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.
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