ENS Weekly Analysis

18 Jun

ENSUSDT or Ethereium Naming Service is a distributed, open, and extensible naming system based on the Ethereum blockchain. ENS is top gainer of the week with 10.44% up. The market was heavily bearish due to the BTC ETF outflows and despite of these, ENS managed to survive the wind.

Earlier this month ENS approached near the $30 price mark which was the ATH of 2024 and faced a price orrection up to $19. Then ENS moved to $24.61 and is now forming a tiny cup and handle pattern. If ETH spot ETF trade commence news comes, we can see a breakout to the $30 and beyond.

The moving averages and oscillators are giving a neutral signal in daily time frame, but for weekly time frame, both are giving strong buy signals.