ENS Price Confirms Bullish Reversal! Can Ethereum Name Services Price Hit $30?

The ENS coin price entered 2024 by trading in a narrow space between $9.32 and $10.48 for a brief period. As the market volatility grew, the ENS token successfully broke out of the resistance level and displayed a jump of approximately 40%, following which the price lost momentum and experienced a minor drop.

However, the bulls quickly regained momentum and bounced back, after which the price traded in a consolidated range between $11.74 and $15.74 for about a week. Following the approval of the Bitcoin Spot ETF by the Securities and Exchange Commission (SEC), the ENS price skyrocketed and recorded a jump of over 111% within the next two days.

TradingView: ENS/USDT

Following this, the price experienced a correction, but the bulls overpowered the bears and recorded another jump of approximately 30% in valuation. After this, the price traded in a consolidated range between $22.67 and $26.92 for about a week.

After facing repeated rejection at $26.92, the bulls lost momentum and started trading under a bearish influence. The ENS price lost over 41.5% in value over the next few days and tested its support level of $15.74.

Since then, the price has been trading in a consolidated range between $15.74 and $20.73. Recently, the bulls attempted a breakout from its resistance level of which the outcome is uncertain.

Is Ethereum Name Services A Good Investment?

The Relative Strength Index (RSI) recently broke out of the overbought range, indicating massive buying pressure in the crypto industry. Further, the averages show a bullish curve, suggesting the price may continue gaining value in the coming time. However, the future price action is uncertain as the price has crossed the overpriced mark.

If the Ethereum Name Services holds the price above the support level of $20.73, the bulls will rise to test its resistance level of $22.67. Maintaining the price at that level will set the stage for the ENS price to attempt to test its upper resistance level of $24.79 in the coming time.

Negatively, if a trend reversal occurs, the bears will regain power and the ENS price will fall to test its lower support level of $18.41. Moreover, if the price continues to trade under a bearish influence, the Ethereum Name Services token will further fall and prepare to test its crucial support level of $15.74.


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