- ENS price has witnessed a fakeout from the 200-day EMA which could generate a panic situation among buyers.
- Ethereum Name Service price has dropped by 9.87% in the past 3 days.
On a wider time frame, the Ethereum Name Service (ENS) price has displayed slow and steady growth. It has been rising by taking support on the trendline and recently took support on the trendline and gained bullish momentum.
Since 2024, the ENS price has been struggling to overcome the $30 mark. The price has attempted thrice to exceed the 200-day exponential moving average (EMA) in the short term. However, it failed to surpass the 200-day EMA and showed bearish momentum. Let’s explore what happens next.
Can ENS Price Gain 40% in a Sigle Move?
In June and July, Buyers attempted multiple times to overcome the $30 mark but sellers won the battle. In the first week of August, the ENA price displayed a sharp fall of 44% and dropped to the trendline.
CryptoPopeye (SailonManCrypto) is a crypto analyst who has shared his analysis on X (formerly Twitter). He claims that the price has undergone an accumulation phase. The price has extended to the resistance level of $20.
At press time, the Ethereum Name Service price was facing resistance from the 200-day EMA. Once the price smashes the 200-day EMA, it could be a bullish signal for the buyers. If the price surges to the $25 mark, it may easily extend its run to the $30 mark.
Alternatively, if the ENS price remains below the key moving average, sellers may dominate. Suppose the price starts trading below the trendline, it could generate a selling signal. Here, most investors may prefer to book profits which could lead to a bearish signal.
Turning to the technical indicators, the MACD had traveled to the positive territory and the histograms have flipped to green. The RSI has displayed a bullish divergence and has been approaching the overbought zone.
ENS Price Analysis and Forecast
Based on the technical analysis of the ENS price over the 1-day timeframe, ENS price has been forming an ascending triangle pattern and has shown bullish momentum. If the price manages to surpass the 200-day EMA and reaches the $25 mark, it may have the potential to extend to the $30 mark.
However, if the price remains below the key moving average, it could serve as a bearish signal. The MACD and RSI indicators suggest a bullish sentiment, but traders should closely monitor the price action and key resistance levels to make informed decisions.
$ENS (Reuest)
— CryptoPopeye (@SailorManCrypto) September 29, 2024
Looks like a vertical accumulation on the 1H trend. Now just below resistance, if it finds acceptance above assume next resistance to be visited.
Charts looks good on HTF too! https://t.co/LvhdzHNJiw pic.twitter.com/wF3zgsD1QZ
If the price exceeds this recent resistance level, it could easily travel to the next resistance level. The technical chart looks impressive on the hourly time frame.
Technical Analysis of ENS Price Over 1-D Timeframe
Ethereum Name Service was trading at $19.19 at press time with an intraday loss of 2.98%. The market capitalization was $634.95 Million and the 24-hour trading volume was $60.24 Million.
On a wider time frame, the ENS crypto price formed an ascending triangle pattern over the daily time frame. It has generated bullish momentum on the trendline and is heading toward the major resistance level of $30.
Disclaimer
This article is for informational purposes only and provides no financial, investment, or other advice. The author or any people mentioned in this article are not responsible for any financial loss that may occur from investing in or trading. Please do your research before making any financial decisions.
