Ethereum Name Service (ENS) Rallies Past 1,000-Day Resistance — Price Targets $60
How Long Will the ENS Increase Continue? | Credit: Hameem Sarwar
Key Takeaways
- Ethereum Name Service (ENS) broke out above $27.50.
- Today, ENS reached its highest price since January 2022.
- How long will the ENS upward movement continue?
The ENS price has traded under the $25 horizontal resistance area since January 2022. While the price briefly moved above the area in June 2024, the rally was short-lived, and the price quickly retraced.
However, ENS started a new upward movement in November, triggering a breakout from the resistance area this week.
Since the $25 area had held over 1,000 days, a breakout above it could catalyze a lengthy upward movement. Let’s analyze the ENS price action and determine the implications of the breakout.
ENS Price Breaks Out
The weekly time frame ENS chart shows that the price has increased alongside an ascending support trend line since October 2023. ENS bounced at the trend line several times, more recently in November, starting the ongoing upward movement.
ENS accelerated its increase afterward, creating a large bullish candlestick this week and breaking out from the $27.50 horizontal resistance area. Today, on Nov. 28, the ENS price reached a high of $37.29, the highest since January 2022.
While ENS has yet to close above the $27.50 area, it will likely do so soon. If so, the next resistance will be at $44.50.
Technical indicators support the increase. The Relative Strength Index (RSI) broke out from its bearish divergence trend line (green) and is increasing, while the Moving Average Convergence/Divergence (MACD) made a bullish cross (black circle) and is above 0.
So, the weekly time frame gives a bullish ENS prediction and suggests the price will reach $45.
What Analysts are Saying
ENS sentiment on X is bullish because of the recent breakout. Oliver Isaacs believes the ENS increase will accelerate after the breakout, and the ENS price will reach $80.
CryptoPoseidonn is even more bullish, giving a target of $88. He believes the rally is just getting started since the ENS price broke out from over 1,000 days of accumulation.
BearishBull identified a breakout from a descending resistance trend line and stated that the price would reach a new all-time high.
There is also positive ENS news: The inaugural frENSday was a success , with 32 speakers and 10 main stage talks. Two ENS Labs team members will speak at the upcoming Taipei Blockchain Week, and the ENS DAO newsletter #74 will be published.
Maybe the most interesting piece of news is the creation of Nani Kotoba DAO LLC, an algorithmically managed entity under Wioming’s DAO Laws. The entity operates autonomously and uses Ethereum’s domain name service for its identifier, Nanidao.eth.
What’s Next for ENS?
The weekly time frame wave count aligns with the bullish price action and indicator readings. The wave count suggests ENS is in the third wave of a five-wave increase (white) that started in May.
The first target for the top of the ENS increase is $60. This would give wave three 1.61 times the length of wave one and take ENS above the $45 horizontal resistance area. Then, the area could support the bottom of wave four.
Then, a preliminary target for the top of wave five is at $80, created by the 2.61 extension of wave one. A more accurate target can become clear as the movement develops.
New ENS Price Highs
The weekly time frame price action, indicator readings, and wave count are all bullish. They suggest that ENS is in the first portion of its new upward movement, which will be confirmed at a close above $27.50.
A likely target for the upward movement is $, though the ENS price could increase to a high of $80.
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