Following the months of hibernation on a bearish note, the Ethereum Naming service is making waves in 2024. The ENS price has skyrocketed 145% in the last 7 weeks, driving the market cap to $648 Million.
Moreover, with the upcoming “Dencun” upgrade in Ethereum and the potential Ethereum ETF coming this May, the ENS is expected to ride the bull run. Even the recent partnership with Godaddy comes as positive news for long-term holders.
Source- TradingView
Ethereum Naming Service price action shows a sharp reversal in the weekly chart following the downtrend in most of 2023. Further, the recent ENS price jump comes with a rise in trading volume supporting the bull run.
Currently trading at $21.10, the ENS price shows a weekly jump of 17.80%, with a double bottom forming in the daily chart. Further, the bullish turnaround teases the bullish breakout of the 23.60% Fibonacci retracement level.
The bullish breakout of this Fibonacci level will increase the likelihood of a bull run. Furthermore, the ongoing recovery trend teases a morning star pattern to surpass the overhead ceiling.
Technical Indicators:
RSI Indicator: The daily RSI line shows a bullish turnaround above the overbought boundary line, reflecting a significant rise in the underlying demand.
Will ENS Price Reach $30?
With the increasing likelihood of a bullish breakout, the ENS price is ready to jump beyond the $23 mark. Further, the upcoming Dencun upgrade will lead to a bull run in Ethereum and the coins in relation to it. Therefore, the crypto stars are getting aligned for a breakout rally that may shortly cross the $30 mark.
Conversely, a rally reversal starting at $23 can lead to a price decline to $17.
