Ethereum Name Service (ENS) Price Analysis and Prediction
What is $ENS?
Similar to how the internet's domain name service (DNS) converts web addresses from a string of seemingly random numbers into a set of words, Ethereum Name Service is a system that enables users to translate their lengthy and complicated crypto wallet addresses into something easier to remember.
The system has been operating for a while, and Ethereum itself even provided funding. The Ethereum Name Service doesn't just use Ether, despite its foundation in the Ethereum network. The system's wallets allow you to send and receive virtually any cryptocurrency, albeit the service's annual fees must be paid in ether. ENS, the system's own token, is currently only employed for administrative functions.
The fact that ENS has only recently become widely accessible, however, makes it difficult to predict the price of the Ethereum Name Service because there is less historical data to base a forecast on.
As a result, an ENS price prediction could be either way overly optimistic or cautious. We won't know which it is until it really occurs, as is customary with these kinds of occurrences.
The naming system was created to “translate human-readable names like Alice. eth to machine-readable identifiers such as Ethereum addresses, other cryptocurrency addresses, content hashes, and metadata,” according to the ENS technical documentation.
The whitepaper continues, “ENS also supports the ‘reverse resolution,’ making it feasible to correlate metadata with Ethereum addresses, such as canonical names or interface descriptions.
ENS shares objectives with DNS, the internet’s Domain Name Service, but differs greatly in architecture thanks to the limits and powers made possible by the Ethereum blockchain.
$ENS Price History
The Ethereum Name Service price history is nonetheless worth looking at to understand how ENS has behaved to different market activity over the previous few months, even though past performance is seldom any indication of future results, especially when there is relatively little to go on.
Since the end of 2021, the Ethereum Name Service currency has been actively traded. It was worth $33.66 when it was released on November 9 of that year, and after falling to an intraday low of $22.92 it recovered to complete the day at $43.66.
This resulted in some wallet domain name owners receiving not insignificant benefits, which significantly increased interest in the token. It increased in value the following day, with the intraday total of $85.69 standing as its current record high.
It saw some pullback for the remainder of the month, which is usual for new cryptocurrencies, but it would have been difficult to anticipate the price of Ethereum Name Service given that it spent the following several weeks fluctuating between the $30s and the $50s.
This changed when it saw a bull run, which saw the currency soar by more than 80% from an intraday low of $46.01 on November 24, 2021, to an intraday high of $83.54 on November 27, 2021.
The price briefly traded in the $80 range before dropping and spending the majority of early December in the $50s. It then dipped once more to trade at around $48 on the afternoon of December 9th, 2021. It was the 219th largest cryptocurrency at the time based on market cap, which at the time was roughly $965 million.
The coin suffered because of the protracted bear market. The cryptocurrency stopped trading above its initial price on January 7, 2022, and it thereafter started to decline.
The coin peaked on February 16, 2022, at $18.54, reaching its intraday low of $12.01 on February 24, 2022, as market concerns over Russia's invasion of Ukraine drove it even lower.
Following that, there was some recovery, and by the afternoon of March 17, 2022, ENS was trading at roughly $15.35 despite an attempt to fire director Brantly Millegan over old tweets that his detractors said were homophobic, racist, sexist, and antisemitic.
The coin experienced a bull run in late March and early April, reaching an intraday high of $21.19 on April 3. After that, things deteriorated, and on April 11 after China's crypto ban was announced, it hit a low of $13.55. However, there has since been some recovery, and as of April 28, 2022, it was worth roughly $18.92.
An increase in exchanges for the rights to specific domain names contributed to some of this. After that, though, it got caught in the reaction from UST's de-pegging and LUNA's demise, which led to a general decline in cryptos, and on May 12, it hit an all-time low of $7.41. After a brief period of recovery, it ended the month at $11.85.
However, the bear market in cryptocurrencies was far from done, and on June 14 it hit a new record low of $7.40 as withdrawals on the Celsius crypto lending platform were canceled. Following that, there was some rebound, and on July 7, it once again crossed the $10 threshold. It was valued at about $10.05 on July 8, 2022.
Out of a total supply of 100 million ENS, 20.24 million were in use at the time. Its market cap increased to over $203 million as a result, ranking it as the 129th largest cryptocurrency by that criterion.
$ENS Technical Analysis
According to the overall trend lines and the most recent study of the Ethereum name service, a potential bullish momentum may develop in the upcoming months. The current cryptocurrency market is primarily bearish, and the majority of crypto coins are rapidly losing value. But based on the price forecasts and the technical analysis described below, the future of the Ethereum name service appears bright.
According to this research, once the price of the Ethereum name service trades over the $7.35 level, we become positive for the long run. The price is now fluctuating around the $8 mark. The positive trend might be broken, though, if the price falls below the $7.35 level. The analysis now backs an optimistic prognosis for the token, and future predictions will likely also be bullish.
ENS/BTC Price Analysis
Resistance levels: $15, $17, $19
Support levels: $7, $5, $3
The 14-day SMA indicator trend line and the 50-day SMA indicator are resistance areas for the price of cryptocurrencies, according to the ENS/USD daily chart. Underneath the formation of trading, candlesticks are a horizontal line. Furthermore, the bearish trend line above the SMAs demonstrates how company activity has been included within a declinating triangular pattern up until the present. The stochastic oscillators are attempting to cross northbound at a little bit below the 80 range.
In order to confirm that the cryptocurrency may still trend lower if the price tends to surface in a range for an extended period of time around the indicator's value line, the ENS/USD market operation is currently encountering resistance around the trend line of the 14-day SMA. While prices are averaging at a low place around the sketched horizontal line, buying opportunities will arise. Between $12 and $5 points, investors can start to introduce some of their wealth.
On the negative side of the technical, it would be psychologically sounder for those who take short positions to wait patiently for a corrective motion to occur when the price fails to breach northward and position above the SMA trend lines. To maintain the bearish trend of cryptocurrency transactions, the sellers on the ENS/USD market must maintain their positions beneath the $15 barrier level.
$ENS Price Prediction
What is the forecast for the price of the ENS coin? Keep in mind that many cryptocurrency predictions are inaccurate, at least over the long term. Algorithms are frequently used to make crypto forecasts, however, they may not accurately reflect all market circumstances.
First, according to WalletInvestor's ENS price forecast, the currency will decline sharply to hit $1.09 in July 2023.
Second, PricePrediction.net forecasts the price of Ethereum Name Service will average $13.49 this year, $19.61 the following year, and $28.22 in 2024 by the year 2022. According to the website, the coin might reach $39.82 in 2025 before hitting $59.56 in 2026 and $86.53 in 2027 for ENS. According to the website's price forecast, Ethereum Name Service will surpass $100 to $124.29 in 2028 before ending the decade at $180.88.
The website is one of the few to provide an Ethereum Name Service price forecast for 2030, estimating that the coin will be worth $247.95 before averaging $356.78 a coin the following year.
In the long run, at least, DigitalCoinPrice's ENS price projection is a little more conservative. According to the website, the token may reach approximately $13.21 in 2022 before rising to $14.89 in 2023 and then tumbling back down to $14.15 in 2024. But there will be a comeback because the site predicts that the price of Ethereum Name Service will be $19.27 in 2025.
The next year, there will be a decline to $18.19, and then it will increase once again to $24.47 in 2027. According to the website, there will subsequently be a protracted bull run with the token being worth approximately $46.54 in 2030 and $51.82 in 2031.