Ethereum Name Service gained over 5% and emerged as the bullish performer in the last 24 hours. Its market cap surged and reached $888.3 Million. Its trading volume jumped 85% to $236 million, signaling significant buying activity.
In the crypto landscape, breaking news has popped out, as the SEC has given the first-ever ETH spot ETFs the green flag. They are set to begin trading on the morning of July 24.
This news was confirmed by @Eric Balchunas (Bloomberg senior ETF analyst), as forms (424(b)) are now available on the site of the U.S. SEC. It meant that the regulatory authority had cleared them for trading.
This news has been perceived as very optimistic and could fly the Ethereum price. Thus, the known relative Ethereum-branded assets could also acquire significant gains ahead, like the Ethereum Name Service (ENS).
Ethereum Name Service Statistics!
The ENS has been known worldwide as a decentralized naming system. It typically converts complex names that are only readable by machines to ones that are easily understandable by humans.
As per the tokenomics details and other stats on CoinMarketCap, ENS’s total supply was 100 Million ENS. Out of them, 32.835 Million ENS floated in the market.
The volume-to-market cap, followed by 24-hour activity, showed good liquidity, with a ratio of 26.04%. Based on recent data, the FDV amounted to $2.703 Billion at press time.
ENS exchanged hands at $7.300. Supported by strong fundamentals, it got 75th rank among the top 100 on CoinMarketCap.
Meanwhile, It also had a pretty good Twitter score of 442 out of 1000 at press time, with significant followers like @chrisDixon, @LauraShin, and many more.
Likewise, based on the Chainbroker website, the security score produced by CertiK Skynet exhibited a tough and secured network.
The security it had was an ‘A’ tier security with a score of 85.15.
Meanwhile, market sentiments shifted back to 71 “greed,” as the Crypto Fear & Greed index pointed out. This optimistic market sentiment looks poised to fuel the price rally of Ethereum and the Ethereum branded assets.
Ethereum Name Service (ENS) On-Chain Overview!
As per the Messari website, the market dominance of ENS was 0.03%, and X had 263.18K followers.
The transactions in the past 7 days greater than $100K were increased to $87.83 Million. The total number of addresses holding ENS in balance was 57.91K addresses. Total exchange outflows into wallets have surged by $19.60 Million in the past week.
Meanwhile, the holders are 79% held beyond a year, while cruisers held between 30-365 days were a mere 16%. It has a very low price correlation with the godfather of the crypto landscape, BTC, which stands at 0.29.
Based on the financial data, it was found that 29.98K addresses, nearly 50.26%, with a balance of ENS, were holding positions in the money. This means that these addresses are in profit compared to the ENS price and the purchased price.
Meanwhile, 44.38% were sitting out of the money, meaning the total addresses in loss are 26.48K addresses. 5.36% of the addresses were at breakeven prices, which made 3.2K addresses in total.
What Does Weekly & Daily ENS Chart Signify?
According to Tradingview, its (ENS/USD-Coinbase) price as of writing was 290% higher than its all-time low price. The low was at $6.67, registered on June 5th, 2023.
The all-time high was recorded on November 22nd, 2021, when it peaked at $84.02. Comparatively, from the ATH level, the price as of press time was nearly 67% down.
Over the week, the price of ENS has moved out of the range of $7-$20 after a hard struggle.
From the beginning of this year, 2024, the momentum from buyers started to change the structure. The buyers formed an upward channel, where it followed the borders.
Over the daily chart, the price has surged from resistance-turned-support of $20 from June 13th, 2024. As of writing, a symmetrical triangle has been witnessed.
The ENS could shoot a breakout from the bullish pattern based on the recent news surrounding spot Ether ETFs to trade soon. It could reach the upper border of the wider timeframe-based wedge’s border.
The 200-day and 50-day EMA bands supported the current price movement. However, the other indicators depicted the narrow sideways momentum of the ENS daily chart due to symmetrical pattern formation.
MACD were side by side, where the histogram was negative 0.06, and the RSI was near the median line at 53.75. So, the indicators offered mixed signals, and investors should be cautious (DYOR).
Therefore, resistance levels were present at $30 and $32. However, the supports were present at $24 and $21, respectively.
ENS price advanced by 5%
ENS price surged 5% on news of ETH ETF approval. Its market cap reached $888M. Strong buying activity and bullish sentiment drive ENS, but technical indicators signal caution. Potential breakout ahead as ENS forms a symmetrical triangle pattern.
