ENS is trading in the bullish zone above the important EMA levels. The cryptocurrency had surged by almost 79.37% last week showcasing buyers are active in the crypto. Moreover, the analysts are looking positive on the crypto.
Looking at the Ethereum Name Service price chart, it is evident that the price is approaching a significant resistance level. There has been a substantial increase in trading volume over the past few days.
If the current candlestick manages to break out and sustain above the major resistance level of $25, it may instill confidence in buyers.
Ethereum Name Service Price and Volume Growing
Ethereum Name Service Price and volume have spiked in recent times. The volume reached from 36 million it spiked to 356.48 Million and the price surged from $12 to $25 within a month.
The data indicates a significant increase in trading volume and a strong performance of ENS over the past week. If the trading volume remains stable, a breakout from the channel can be anticipated.
Technical Analysis of Ethereum Name Service Price
The price of ENS has been moving within a parallel channel for an extended period, as seen in the price chart structure.
ENS has encountered significant resistance at the $25 mark on two occasions. At present, the buyers have managed to push the price up to the critical resistance level of $25.
The price of ENS has been stable at around $12 for the past month and recently broke out from key moving averages, leading to a strong bullish momentum. In just one week, the ENS price has surged by approximately 80%, indicating strong bullish activity.
Currently, the ENS crypto is trading at $2570, showing a 0.50% decrease over the past 24 hours. The market cap stands at $810,107,273, with a fully diluted market cap of $2.65 Billion. The 24-hour trading volume is $322.00 Million.
Indicators Suggest a Bullish scenario
At the time of writing, the ENS crypto price is trading above the key moving average according to the technical indicators.
The RSI is at 78, signaling that it has entered the overbought zone quickly. Overall, the technical indicators are indicating a strong bullish momentum.
Summary
Ethereum Name Service (ENS) has experienced a significant surge in price, increasing by almost 79% in a week and reaching $25. The cryptocurrency is currently trading at $2570 with a 0.50% decrease over the past 24 hours. The market cap is $810,107,273, with a fully diluted market cap of $2.65 Billion, and the 24-hour trading volume is $322.00 Million. Technical indicators suggest a strong bullish momentum, with the RSI at 78, indicating that it has entered the overbought zone.
