The value of the Ethereum Name Service (ENS) token has experienced a remarkable surge, increasing by over 8% in the past 24 hours. This surge can be attributed to the exciting announcement of an upcoming rebranding for ENS.
As of now, ENS is being traded at $26.64, with a market capitalization of $834 million. The daily trading volume has also witnessed a significant boost, rising by 14% to reach $134 million. This surge in activity indicates a heightened interest and engagement from investors in relation to the token.
It remains to be seen whether ENS will surpass its previous resistance levels and reach new highs. Throughout the year, ENS has encountered persistent resistance in the price range of $27.82 to $29.16, which has become a crucial zone to overcome. Despite this, the overall trend remains bullish, and the on-balance volume (OBV) is continually moving upwards, indicating that buying pressure is exceeding selling pressure.
However, the 200-day moving average (MA) suggests some price pressure, which could potentially lead to a bullish breakout beyond the current resistance levels. As we enter the second half of the year, there is potential for further upward movement, possibly propelling ENS towards a new all-time high (ATH).
ENS achieved its previous ATH on November 11, 2021, during a significant boom in the crypto market. Although the bullish rally in the first quarter of 2024 did not significantly benefit ENS or the price of Ethereum, the anticipated rebranding could pave a new path for ENS. Furthermore, the expected launch of a spot Ethereum ETF on July 4th could serve as a catalyst for both ENS and ETH.
