- ENS price is outshining the market as the price shows strength and recovers to a high of $20.
- ENS outperforms crypto price as it posts over 20% profit in less than 24 hours despite the crypto bloodbath.
- ENS price is showing bullish signs as the price holds above the 50 and 200 Exponential Moving Averages (EMA) with good volume.
Despite the uncertainty currently surrounding the cryptocurrency market, the price of Ethereum Name Service (ENS) has been one of the dark horses, surging from $13 to $20. The crypto market suffered a fresh setback as the price of Bitcoin (BTC) dropped from around $19,000 to $18,100 as the Consumer Price Index (CPI) indicated a rise in inflation, which negatively impacted BTC’s price, with altcoins affected , but Ethereum Name Service (ENS). ) demonstrates incredible strength. (Binance data)
Ethereum Name Service (ENS) price analysis on the weekly chart
Although the crypto market saw a sharp decline on the back of the CPI news, the market appeared to be rigged as Bitcoin (BTC) price fell from $19,200 to $18,200 in a matter of hours. The market quickly rallied as most altcoins started to show strength, with ENS demonstrating how to run the show.
It remains to be seen whether the current upleg is a sham or will continue as Bitcoin dominance increases; This will impact the price of altcoins, especially if BTC declines, leading to a stronger retracement for altcoins.
October looked promising for altcoins as they had considerable power to rally. Many traders are hoping that October will be a month of uptober for the crypto industry, which has endured a difficult bear season.
The price of ENS surged from a low of $7.5 to a high of $16, but this region quickly rejected the price and ENS struggled to hold that rejection as the price dropped to $11.4 around to revive this upward trend. ENS price showed tremendous strength, rebounding from $11.4 and continuing its rally to $19.9.
Weekly resistance for ENS price – $20.5.
Weekly support for the price of ENS – $16.7.
Price analysis of ENS on the daily chart (1D).
Daily ENS price chart | Source: ENSUSDT On Tradingview.com
The daily time frame for the price of ENS is looking good and showing incredible strength as the price holds above the 50 and 200 Exponential Moving Averages (EMA) and acts as support for the price of ENS on the daily time frame.
ENS price needs to clear the resistance at $20.5, a break and close above this region would propel ENS price to a high of $25-$27. If the price does not break to the upside, we could retest the support at $16.77
Daily resistance for ENS price – $20.5.
Daily support at the price of ENS – $16.77.
Featured image by zipmex, charts by Tradingview
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