Ethereum name service price shows 2x profit! Will ENS prices maintain their upward trend?

ENS Coin saw a significant surge in addresses during 2021 and 2022, but its price fell significantly after the 2023 bear market.

Additionally, the ENS price has recently regained momentum, increasing buying pressure in the market.

The ENS Coin price traded in a narrow space between $8 and $9.32 for a short period of time, after which the market gained momentum and the price broke out of the range.

However, the rally was short-lived as the price was rejected at $10.91, after which the coin traded sideways for over a week. As overvaluation of altcoins grows, Ethereum Name Services has seen a jump of around 97% in its valuation.

The price then traded sideways in a consolidated range between $10.91 and $15.74 for about a week. Recently, the price recorded a massive 98% increase, indicating increased bullish sentiment in the market.

MACD, a technical indicator, shows a decline in the green histogram, which indicates decreasing buying pressure for that coin. Moreover, the average shows a bearish curve, suggesting that a trend reversal is likely in the future.

Will the price of ENS go up?

If the bulls hold above the support level of $21.89, ENS price will regain momentum and test the resistance level of $24.44. Additionally, if the bulls keep the price at that level, they will try to test the upper resistance level of $26 going forward.

Negatively, if the bears overwhelm the bulls, Ethereum Name Services will lose momentum and test the $19.02 support level.

Moreover, if bears continue to dominate the market, the stock could fall and prepare to test the lower support level of $15.74 over the weekend.