Ethereum Name Service Price Soars 50%! ENS Price Eyes To Hit $40?

Story Highlights

• The ENS price soars ~45% and reclaims the $35 mark.
• Technical indicator EMA 50/200-day experience a Golden Cross in the daily time frame.
• Sustained bullish action could push the price toward the $40 mark this week.

With a 314.64% surge in its daily trading volume, the ENS price has recorded the single highest surge for the first time since November 2021. Following this, the altcoin has reclaimed its position in the top 100 cryptocurrencies by market cap.

Will the ENS price maintain its bullish price rally this week? Read CoinPedia’s Ethereum Name Service price analysis to understand the short-term possibilities!

ENS Price Records A 35-month High!

With an intraday surge of 44.59%, the Ethereum Name Service price has reclaimed the $35 mark. Moreover, with this, it has achieved a 35-month high by hitting this price target for the first time since January 2022.

The EMA 50/200-day has experienced a Golden Cross in the daily time frame. This highlights a significant increase in the buying-over-selling pressure for the altcoin in the crypto market.

Further, the Relative Strength Index (RSI) has breached the overbought range with a sharp spike in its ENS price chart. With its average trendline recording a bullish curve, this Ethereum-based token may continue gaining value this week.

What is the price prediction for ENS?

If the bullish momentum sustains, the Ethereum Name Service price could retest its resistance level of $40 this month. Maintaining the price above that level could set the stage for it to head toward its upper resistance level of $50 during the upcoming time.

On the flip side, a trend reversal could pull the price toward its support level of $31. Furthermore, if the bearish sentiment intensifies, this could result in the ENS coin price retesting its lower support level of $23.50 this year.

Wondering if the ENS token will achieve a new ATH this crypto bull run? Read CoinPedia’s in-depth Ethereum Name Service Price Prediction!

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