Ethereum Name Service (ENS) 90% Weekly Rally Signals Market Optimism
With a remarkable 31% increase over the past 24 hours, Ethereum Name Service (ENS) has exploded into the cryptocurrency spotlight and is now the market’s top gainer.
After almost five months of muted performance, the price of the digital asset surged 90% in the past week to levels not seen since January 2022, and its market capitalization crossed the $1 billion threshold. A sharp increase in buying pressure was indicated by the 520% spike in trading volumes.
What is Ethereum Name Service (ENS)?
Ethereum Name Service represents a decentralized naming system that transforms complex, machine-readable cryptocurrency addresses into human-friendly identifiers. As decentralized web services continue expanding, ENS stands at the forefront of making blockchain technology more accessible.
Ethereum Name Service: Market Overview
According to the most recent data, ENS is now trading at $33.73, a whopping 31% gain. Its large market interest is demonstrated by the fact that its trading volume has increased to $2.3 billion.
ENS Market Metrics Paint a Bullish Picture
On-chain metrics reveal increased market activity and growing investor interest in Ethereum Name Service. A positive 90-day Market Value to Realized Value (MVRV) indicates the possibility of more price growth. Crucially, since late October, both the transaction count and velocity have been increasing, indicating strong network participation.
A robust and active market environment is indicated by both transaction count, which counts the number of unique daily network transactions, and velocity, which shows how often the token changes hands.
ENS Supply Distribution Trends
Interesting accumulation trends are shown by a deeper look at the distribution of ENS tokens:
- Accounts with 1,000–1,000,000 ENS tokens have been making calculated adjustments to their holdings.
- There is an accumulation of “Shrimp” addresses with fewer than 10 ENS.
- Interestingly, big whale investors that own more than 1 million ENS tokens have grown their holdings.
ENS/USD Technical Analysis
For ENS, breaking past the crucial $20–$22 resistance zone is a major turning point. Although there is still a chance of short-term volatility, especially given Bitcoin’s moves, analysts are nonetheless upbeat about the token’s future.
Potential goals around $34.5 and possibly higher extension levels in the upcoming weeks are suggested by the strong support level around $15.7.
Ethereum Name Service Price Prediction
With Ethereum ETH/USD itself up almost 8%, the rise follows broader bullish momentum in the Ethereum ecosystem. Double-digit gains were also seen in Ethereum Classic, underscoring the interdependence of blockchain-based assets.
ENS seems to be well-positioned for future expansion given the rising demand for decentralized identities and naming systems. It is recommended that investors and market observers keep a careful eye on its development.
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