Ethereum Name Service (ENS) price has jumped more than 35% this past month and was up 8% in 24 hours on Thursday as some altcoins stole the shine off Bitcoin.
By reaching the current price levels, ENS is seeing its market cap hover near $903 million, while the 24-hour trading volume is up 157% to over $192 million.
Per Coinglass, Ethereum Name Service derivatives data analysis shows volume has spiked more than 120% to over $306 million. Meanwhile, Open Interest in the token is up 30%, with open positions worth of $114 million signalling market interest.
The Ethereum Name Service (ENS) is an open-source, decentralized naming protocol built on the Ethereum blockchain.
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It transforms user-friendly Ethereum addresses, such as jane.eth, into the complex, machine-readable codes recognized by wallets like Metamask. Additionally, ENS supports reverse mapping, allowing metadata and machine-readable addresses to be linked with these human-friendly Ethereum names.
ENS aims to simplify interaction with the Ethereum ecosystem, making it more intuitive and accessible for users, much like the Internet’s Domain Name System (DNS) enhances web usability.
Similar to DNS, ENS employs a hierarchical structure of dot-separated domains, where domain owners have full authority over their respective subdomains.
Analysts are pointing to ENS as one of the top Ethereum (ETH)-beta plays today. With ETH expected to rally in coming months, tokens like EigenLayer (EIGEN), Arbitrum (ARB), Lido DAO (LDO) and Ethereum Name Service (ENS) could be poised for gains too.
With interest in ENS rising amid adoption that includes further traction in the Ethereum and Solana name domain ecosystems, price has looked to return to last year’s lofty highs.
ENS hitting those highs of $48 reached in December 2024 is likely after buyers pushed the altcoin token to two-week highs of $25, a potential technical breakout signals the price could target resistance around $30.
Traction of Ethereum Name Service as a decentralized DNS platform, plus its growing NFT momentum offer additional tailwinds.
On the technical charts, ENS is currently testing resistance near its 200-day moving average and breakout would signal further gains.
RSI and an ascending triangle pattern on the daily chart suggest if buyers reclaim $30, the next uptick could drive prices to 2024 highs. The $100 mark represents a psychological level that ENS bulls will target if risk on sentiment prevails in coming months.
However, if the market flips negative, a downtrend can bring the $20 mark into view. Robust support lies in the $12-$16 range.
The post ENS price surges: could Ethereum Name Service hit $100k milestone? appeared first on CoinJournal.
ENS price surges: could Ethereum Name Service hit $100k milestone?
Source: https://coinjournal.net/news/ens-price-surges-could-ethereum-name-service-hit-100k-milestone/
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