Ethereum Name Service Price Explodes: Why Is The Price Rising And How High Can The ENS Price Go?

The Ethereum price has experienced remarkable growth over the past week following the approval of the spot Bitcoin ETF. Contrary to market expectations of a decline in altcoin prices, there was a significant rally among several altcoins, including the Ethereum name service. The ENS price has also increased by more than 158% in the last 30 days. Let’s take a look at this ENS price prediction article in more detail.

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What is Ethereum Name Service (ETS)?

The Ethereum Name Service (ENS) functions as a decentralized, open and extensible naming system that runs on the Ethereum blockchain. ENS transforms human-readable Ethereum addresses, such as john.eth, into machine-readable alphanumeric codes commonly used in wallets such as Metamask. Additionally, the reverse conversion, linking metadata and machine-readable addresses with human-readable Ethereum addresses, is feasible.

ENS aims to improve accessibility and understanding of the Ethereum-based web for users, reflecting how the Internet’s Domain Name Service (DNS) facilitates Internet accessibility. Similar to DNS, ENS uses a hierarchical naming system with dot-separated domains, where domain owners have complete control over their respective subdomains.

The launch of ENS included a highly successful retroactive airdrop in November 2021, which rewarded users who registered addresses before the token’s official project launch. However, in February 2022, the platform faced criticism due to controversial tweets, allegedly of a homophobic nature, made by its director of operations.

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How has the ENS price moved in recent days?

As of today, the Ethereum Name Service (ENS) is valued at $21.25, with a 24-hour trading volume of $2.14 billion. The market capitalization stands at $650.87 million, and ENS has a market dominance of 0.04%. Over the past 24 hours, the ENS price has risen by 4.23%.

ENS reached its peak price on November 11, 2021, at a record high of $83.40, while its lowest price was recorded on October 20, 2023, reaching an all-time low of $6.69. The lowest price since its high was $6.69 (cycle low), and the highest ENS price since the last cycle low was $24.78 (cycle high). Currently, the sentiment for Ethereum Name Service price forecast is bullish, and the Fear & Greed Index indicates a level of 71 (Greed).

The current circulating supply of ETC is 30.63 million out of a maximum supply of 100.00 million ETC. The annual supply inflation rate is 51.32%, resulting in the creation of 10.39 million ENS in the past year.

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ETS Price Prediction: Why the Ethereum Name Service (ETS) Price is Rising?

The recent surge in Ethereum Name Service (ENS) profits follows a call from Ethereum creator Vitalik Buterin for ENS to expand to multiple Layer 2s, highlighting the importance of making ENS both highly meaningful and affordable.

Since Buterin’s tweet on January 3rd, ENS has experienced a renewed surge, reflecting optimism surrounding the continued rapid adoption of Ethereum. As an important component of the ecosystem’s infrastructure and development, the growth prospects of ENS seem closely tied to the expected bull run in the underlying Ethereum network.

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ENS Price Prediction: How High Can the ENS Price Go?

Over the past year, the Ethereum Name Service (ENS) has shown remarkable resilience and growth, with its price increasing by an impressive 70%. This performance favorably positions ENS, outperforming 56% of the top 100 cryptocurrencies during the same period, demonstrating its resilience and competitiveness within the crypto market.

Consistently trading above the 200-day simple moving average further underlines its sustained bullish momentum, providing a positive trend signal. The recent trend of 19 green days in the last 30, representing a positive trading frequency of 63%, indicates strong investor confidence and positive sentiment around ENS.

Moreover, its high liquidity, as evidenced by a significant market capitalization, indicates strong market participation and further potential for sustained growth in the near future. These factors collectively present a promising outlook for ENS, with the potential for continued positive performance and an influential role in the evolving cryptocurrency landscape.

From a daily timeframe perspective, the technical analysis indicates a bullish trend for Ethereum Name Service (ENS). However, there are signals suggesting a potential approach to a local top. The bullish trend indicates an overall positive momentum in the market, with the price likely to experience upward movements.

Nevertheless, the cautionary note on a local top suggests that the current bullish phase may be peaking, and investors should be alert for signs of a potential reversal or consolidation.

Therefore, based on the above points, the projected trading range for Ethereum Name Service is expected to be between $23 and $49. Should the upper price target be met, ENS has the potential to experience a significant gain of over 132%, reaching a value of $49.

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