Ethereum Name Service (ENS) price approaches a critical resistance level with the potential for a breakout. Daan Crypto Trades highlighted the ongoing struggle to surpass the $30 mark, which has been a barrier for over two and half years. The current price movement and increased trading volume indicate strong bullish sentiment, suggesting a possible upward trend.
ENS has been battling resistance levels, particularly at $30.59 and $37.15. The $30.59 level has been tested multiple times, making it a crucial point for traders to watch. The highest resistance at $37.15 represents a key level for any upward movement. Conversely, the $24.00 support level has consistently acted as a base during downturns, providing stability for ENS.
ENS has shown bullish momentum, with the price climbing to $25.97 from an opening price of $24.35 at the time of Daan’s analysis. This upward movement indicates strong buying interest as a surge in trading volume accompanies it. The repeated testing of this resistance over the past 2.5 years suggests high historical volatility within this range.
The green candle on the latest chart signals bullish momentum. The increased trading volume further supports this sentiment, suggesting strong buying interest. The historical volatility indicates that ENS has experienced price shifts within this range. Consequently, a successful breakout above $30.59 could lead to a test of the higher resistance level at $37.15.
Consensys Wins: SEC Closes Ethereum 2.0 Investigation, No Enforcement ActionGiven the prolonged range and repeated tests of resistance, a breakout above $30.59 could signal a new upward trend for ENS. Traders should closely watch this level, as breaking it could lead to an upward price movement. However, failure to break this resistance might result in a retest of the lower support levels.
According to CoinGecko, as of this writing, Ethereum Name Service trades at $25.97, with a daily trading volume of $291,998,626. This value means the asset has had a 14.6% uptick in the last day and a 31.6% rise over the past week. These figures highlight the strong bullish sentiment surrounding ENS as it approaches the critical resistance level.
