Ethereum Name Service Price Prediction 2024: ENS Price Analysis
What's next for Ethereum Name Service?
Key Takeaways
- Ethereum Name Service (ENS) sank to an all-time low in June 2023.
- In early 2024, speculation about an Ethereum ETF saw ENS skyrocket.
- Our price predictions suggest that ENS has not reached its yearly high yet.
The Ethereum Name Service’s ENS token had a tough time in 2023, dropping to an all-time low in June as the market slumped following the United States Securities and Exchange Commission (SEC) announcing it was suing the Binance and Coinbase exchanges.
However, it was able to perform well in early 2024, as speculation about a potential Ethereum (ETH) exchange-traded fund saw its price shoot up before it dropped not long after United States Securities and Exchange Commission (SEC) approved ETH ETFs.
The Ethereum ETFs went live on July 24, 2024 and they could positively affect the ENS price.
On July 25, 2024, ENS was worth about
Let’s now take a look at our own price predictions for Ethereum Name Service, made on July 25, 2024. We will also examine the ENS price history, and talk a little about what ENS is and what it does.
Ethereum Name Service Price Prediction
Here are the Ethereum Name Service price predictions from CCN on July 25, 2024. It is important to remember that price forecasts, especially for something as potentially volatile as crypto, are often wrong.
| Minimum ENS Price Prediction | Average ENS Price Prediction | Maximum ENS Price Prediction | |
|---|---|---|---|
| 2024 | $24 | $30 | $36 |
| 2025 | $27 | $33 | $39 |
| 2030 | $81 | $103 | $125 |
There are two methods used to create our ETH crypto price predictions. Predictions are created using fractals (mirroring movements and indicator readings) and the wave count. However, since ENS has been on a perpetual downtrend since its launch, only the wave count method will be used. Then, 20% will be added and removed from the target to arrive at the minimum and maximum ENS price predictions.
The most likely wave count suggests that ENS started a five-wave upward movement in October 2023. Because of the overlap between waves two and four, this increase is part of a leading diagonal. Since wave three is the largest, giving wave five the same length as wave one provides a target of $42.7. The Fib time zone tool suggests this target will be reached in February 2025.
Then, a correction could occur that lasts as long as the upward movement. Throughout this projected move, the method provides ENS price predictions of $30 and $33 for the end of 2024 and 2025, respectively.
Then, we use the daily rate of increase for the past two years to make an ENS price prediction for the end of 2030. In the 728 days since July 2022, the ENS price has increased by 108%, for a daily rate of increase of 0.15%. Projecting this increase until the end of 2030 leads to an ENS price prediction of $103.
Ethereum Name Service Price Prediction 2024
Our wave count ENS price prediction gives a target range between $24 and $36 for the end of 2024.
Ethereum Name Service Price Prediction 2025
Our wave count ENS price prediction gives a target range between $27 and $39 for the end of 2024.
Ethereum Name Service Price Prediction 2030
Using the daily rate of increase we arrive at an ENS price prediction range between $81 and $125 for the end of 2030.
Ethereum Name Service Price Analysis
The daily time frame ENS price analysis indicates that ENS has completed a five-wave increase and is now in an A-B-C corrective structure. If the count is accurate, ENS completed the B wave on July 13 and will soon begin a downward movement.
A suitable target for the end of wave C is $19.80. This is a confluence of support levels, created by an ascending support trend line, a horizontal support area, and the 0.618 Fibonacci retracement support level.
After it is reached, the ENS price could begin the upward movement that takes the price toward the targets outlined for the end of 2024 and 2025.
Ethereum Name Service Short-Term Price Prediction
The Ethereum Name Service price prediction for the next 24 hours lies on the assumption that the price is correcting inside an A-B-C corrective structure. If so, the ENS price tomorrow will likely be lower than today, possibly reaching $25.
If the decline continues, the ENS price will reach the $19.80 area in the first half of August.
Ethereum Name Service Average True Range (ATR): ENS Volatility
The Average True Range (ATR) measures market volatility by averaging the largest of three values: the current high minus the current low, the absolute value of the current high minus the previous close, and the absolute value of the current low minus the previous close over a period, typically 14 days. A rising ATR indicates increasing volatility, while a falling ATR indicates decreasing volatility.
On July 24, 2024, the weekly ATR for ENS was 6.2, a sign of low volatility. The ATR has increased slightly since the beginning of the year. Divided by the $25.68 ENS price, the ATR is at 0.23.
ENS Relative Strength Index (RSI): Is ENS Oversold or Undersold?
The Relative Strength Index (RSI) is a momentum indicator traders use to determine whether an asset is overbought or oversold. Movements above 70 and below 30 show over and undervaluation, respectively. Movements above and below the 50 line also indicate if the trend is bullish or bearish.
On July 24, 2024, Ethereum Name Service’s weekly RSI was at 56, a sign of a bullish trend, aligning with the bullish price predictions. The RSI recently bounced above 50.
Best Days and Months to Buy Ethereum Name Service
We took a look at the ENS price history and found the times when the price was at its lowest across certain days, months, quarters, and even weeks in the year, indicating the best times to buy Ethereum Name Service.
| Time to Buy ENS | Best Days, Weeks, Months and Quarters |
|---|---|
| Best Day | Wednesday |
| Best Week | 21 |
| Best Month | January |
| Best Quarter | First |
Ethereum Name Service Price Performance Comparisons
How Do We Make an Ethereum Name Service Price Prediction?
Our price predictions for Ethereum Name Service combine technical analysis tools and recognize the logic in price cycles. We’ve primarily used the Elliott Wave Principle, which describes these price movements in their motive and correction phases. Applied to the ENS-specific time-frames and its price history, we can come up with the targets, although the further we project, the less accurate they are because they depend on what happens in between.
Advantages and Disadvantages of Ethereum Name Service
CCN’s Senior Research Analyst Toghrul Aliyev made a deep dive into Ethereum Name Service and found the following advantages and disadvantages.
Advantages of Ethereum Name Service
- Makes Blockchain More User-Friendly: ENS reduces errors in transactions and makes the blockchain more accessible to non-technical users. Misspelling or mistyping a long, complex wallet address can lead to lost funds, but ENS’s easy-to-remember domain names prevent this.
- Cross-Platform Use: An ENS domain like “ccn.eth” can be used for receiving payments, hosting decentralized websites, interacting with smart contracts, logging into dApps, managing tokens, supporting cross-chain interactions, creating subdomains, linking to social media profiles, facilitating secure messaging, and managing IoT devices.
- Decentralization: ENS operates on the Ethereum blockchain, which ensures security, censorship resistance, and immutable records. In contrast, traditional domain name systems like DNS rely on a centralized structure. DNS is controlled by authorities such as ICANN, which manage and regulate domain names. While centralized control allows for easier management and regulatory compliance, it also enables authorities to censor or revoke domain names. ENS, due to its decentralized nature, prevents any single entity from making such changes. It provides clear ownership through tokenized assets and reduces attack risks.
Disadvantages of Ethereum Name Service
- Usability Concerns: ENS could be difficult for non-technical users, making it potentially less accessible and user-friendly for the general public.
- Namespace Collisions ENS employs a hierarchical naming system, organizing domains in a tree-like structure with various levels. Popular or generic domain names like “shop.eth” often attract multiple interested parties, sparking disputes over ownership. The lack of a central governing body in ENS creates significant challenges in fairly resolving these conflicts and determining rightful ownership of high-demand names. While a first-come-first-served policy is commonly used, it may not always lead to fair or optimal name allocation. Additionally, conflicts can emerge between ENS names and established trademarks, further complicating the situation. The problem is exacerbated by speculation and squatting, where individuals register valuable names solely for resale, limiting availability for genuine users. Lastly, the subjective nature of determining who truly “deserves” a name adds another layer of complexity to the resolution process.
ENS Price History
The Ethereum Name Service price has fallen nearly since its launch in November 2021. The decline led to a new all-time low price of $6.69 in October 2023. The price has increased since and trades at $25.60 today, on July 25, 2024. Nevertheless, it is still well below its all-time high price of $83.40
| Time Period | Ethereum Name Service Price |
|---|---|
| Last week (July 18, 2024) | $26.21 |
| Last month (June 25, 2024) | $23.36 |
| Three months ago (April 25. 2024) | $14.48 |
| One year ago (July 25, 2023) | $9.31 |
| Launch price (November 9, 2021) | $33.66 |
| All-time high (November 11, 2021) | $85.69 |
| All-time low (October 19, 2023) | $6.70 |
ENS Market Cap
The market capitalization, or market cap, is the sum of the total number of ENS in circulation multiplied by its price. On July 25, 2024, Ethereum Name Service’s market cap was $842 million, making it the 86th largest crypto by that metric.
Who Owns the Most Ethereum Name Service (ENS) Tokens?
On July 25, 2024, one wallet held nearly 54% of the supply of ENS.
Richest ENS Wallet Addresses
As of July 25, 2024, the five wallets with the most ENS were
- 0xd7a029db2585553978190db5e85ec724aa4df23f. This wallet held 53,308,145 ENS, or 53.31% of the supply.
- 0xfe89cc7abb2c4183683ab71653c4cdc9b02d44b7. This wallet held 9,856,036 ENS, or 9.86% of the supply.
- 0xf977814e90da44bfa03b6295a0616a897441acec. This wallet, listed as Binance, held 4,837,590 ENS, or 4.84% of the supply.
- 0x690f0581ececcf8389c223170778cd9d029606f2. This wallet held 3,998,052 ENS, or 4.00% of the supply.
- 0x5a52e96bacdabb82fd05763e25335261b270efcb. This wallet held 2,267,912, ENS or 2.27% of the supply.
Ethereum Name Service Supply and Distribution
| Supply and Distribution | Figures |
|---|---|
| Maximum Supply | 100,000,000 |
| Circulating supply as of July 25, 2024 | 32,836,683 ENS (32.83% of maximum supply) |
| Holder distribution as of July 24, 2024 | Top 10 holders owned 80.63% of total supply |
From the Ethereum Name Service Whitepaper
Ethereum Name Service (ENS) Explained
To either send or receive cryptocurrency, you need a wallet. Something that can make a wallet difficult to use and, by extension, could potentially put people off using crypto, therefore making it harder for blockchain-based finance to gain mainstream approval, is the wallet address.
Wallet addresses are usually a long string of letters and numbers, which can be hard to remember. The Ethereum Name Service is a protocol that aims to turn wallet addresses into short, easy-to-remember, user names.
See it as the equivalent of how the Domain Name Service (DNS) transforms websites’ IP addresses into something a bit more readable, only for crypto wallets, and you’re on the right track.
The Ethereum Name Service, which was set up in 2017 by New Zealand-based developer Nick Johnson is supported by its native token, known by the ticker handle ENS. The crypto only started trading on the open market in November 2021.
How ENS Works
The Ethereum Name Service is, perhaps obviously, based on the Ethereum (ETH) blockchain. It is, however, able to work across blockchains that aren’t Ethereum.
People who sign up to the platform can, in return for an annual fee of anywhere between $5 and $640, change the name of their wallet to something a bit more memorable. Wallets on the Ethereum Name Service end with the extension .eth.
ENS itself is used to give holders the right to vote on changes to the Ethereum Name Service, and it can also be bought, sold, or traded on exchanges.
Because ENS is based on Ethereum, it is a token, rather than a coin. You might see references to such things as an Ethereum Name Service coin price prediction, but these are wrong.
Is Ethereum Name Service a Good Investment?
It is hard to say. ENS rose early on in the new year but has since fallen, but we don’t know if it can build on that. Keep in mind its January price movement was linked to speculation about an ETH ETF, so we will have to see what happens as and when the news dies down.
As ever with crypto, you will need to make sure you do your own research before deciding whether or not to invest in ENS.
Will Ethereum Name Service go up or down?
No one can really tell right now. While the Ethereum Name Service crypto price predictions are largely positive, at least in the long term, price predictions have a well-earned reputation for being wrong. Keep in mind, too, that prices can, and do, go down as well as up.
Should I invest in Ethereum Name Service?
Before you decide whether or not to invest in Ethereum Name Service, you will have to do your own research, not only on ENS, but on other, related, coins and tokens such as Ethereum itself.
Either way, you will also need to make sure that you never invest more money than you can afford to lose.
FAQs
Our price predictions suggest that ENS can reach $100 by 2030. The ENS token is used to give people the right to vote on changes to the Ethereum Name Service network. It can also be bought, sold, and traded on exchanges. Will Ethereum Name Service reach $100?
What is Ethereum Name Service used for?
Further reading
Disclaimer
Please note that the contents of this article are not financial or investing advice. The information provided in this article is the author’s opinion only and should not be considered as offering trading or investing recommendations. We do not make any warranties about the completeness, reliability and accuracy of this information. The cryptocurrency market suffers from high volatility and occasional arbitrary movements. Any investor, trader, or regular crypto users should research multiple viewpoints and be familiar with all local regulations before committing to an investment.
