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- Ethereum Name Services (ENS) price is rising under an ascending wedge pattern.
- ENS price is above the mid-band of the Bollinger Bands indicator.
- The trading volume is very low, as it reported $12.3 million overnight.
Ethereum Name Services (ENS) price appears to be in a bullish mode after reversing from the monthly low. Price action is drawing higher-low and higher-low patterns in each time frame. But the trading range is getting narrower day by day, indicating a bullish breakout ahead.
Ethereum Name Service (ENS) price is still maintaining a high-low structure on each time frame. Amidst the FTX crash, ENS price declined sharply but buyers manage to hold above the demand zone. Later, buyers accumulate the price of the crypto above the rising trendline, but for now the momentum appears to be sideways.
Due to low volatility, trading range remains sideways above $13 support. Thus, against the USDT, ENS token price is trading at $13.7 at the time of writing. Market capitalization decreased 0.51% today, reported at $277.7 Million.
Trading volume drops drastically against the bullish trend, therefore bulls often fail to leave range. Thus, trading volume is very low, as it reported at $12.3 Million overnight. Buyers need to increase gathering if they want a strong breakout above the rising wedge pattern.
Aas pre previous swing high, buyers may see retracement phase close to $18-resistance. On the flip side, the conceptual round level of $10 stood to be the demand zone if ENS price moves below the given price structure.
Over the daily price chart, ENS price stands above the mid-band of the bollinger band indicator. The lower band is moving to provide a price pump. Notably, RSI is moving flat at semi-line (50 mark).
Conclusion
Upside space is looking empty for bulls because Ethereum Name Services (ENS) price is consolidating in a rising wedge pattern. Low trading volume may create interruption during bullish breakout.
Support level – $10 and $7.5
Resistance level – $14.5 and $20
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational ideas only, and they do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
Steve Anderson is an Australian crypto enthusiast. He is a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralisation, understanding the true potential of the blockchain.
