Ethereum Name Service (ENS) Price Is Pumping

Ethereum's ecosystem is doing pretty well following good news on ETH ETF trading. One of the coins in this ecosystem is Ethereum Name Service (ENS)

Ethereum’s (CRYPTO: ETH) price surged around 30% over the past 24 hours, making Monday one of the best performing days for the coin in 2023.

Several coins in theEthereum ecosystem also posted double-digit gains as the global crypto market cap rose 4% over the past day to reach $1.4 trillion.

Among the best performing coins were Filecoin (CRYPTO: FIL) and Polygon (CRYPTO: MATIC), both of Benzinga Pro trades. FIL rose around 17% over the past 24 hours, while MATIC gained 13%.

Crypto Analyst On ENS Price Potential: 'Another +138% Up Could Be On The Way'

Crypto analyst Cold Blooded Shiller shared some insights on the ENS price. According to the analyst, the ENS chart has broken out of a range that has been in place for two and a half years.

“Major breakout on $ENS. This is a冉ange top that has held price down for 2.5 years now. Finally breaking out strongly here, and as long as the breakout candle closes fully green, we may have another +138% up to the target, which could come quickly.”

Another well-known analyst, JAVON MARKS, set an ambitious target of $76.121 for ENS. The analyst notes that as long as the breakout holds, there could be an additional 138% upside potential for ENS.

“$ENS (Ethereum Name Service)'s price surges, creating new post-breakout highs on a major candle here towards the $76.121 target!

As a breakout holds keeping this target remains in play, another +138% upside could be on the way for ENS, and it may come in quickly…”

Analyst Poseidon provides a step-by-step outlook for ENS’s price movement. The analyst suggests that once the $28 level is broken, there is little resistance up to $40. Poseidon predicts a rise from $30 to $40 and ultimately sees a path to $120 for ENS.

“Once $28 was broken in $ENS, there was very little resistance left up to $40. We can expect to see a quick rise from $30 to $40, and ultimately a path to $120 for ENS.”

Multiple Resistance Levels As ENS Trades Above Key Level: Another Round Of Double-Digit Gains In Near Term?

Analyst Alan Santana offered a more granular technical analysis, noting that ENS is now trading above a key resistance level (depicted as a purple line in their chart). The analyst sees potential for ENS to easily move above $34, $42, and $55, with room for additional growth beyond these levels.

“$ENS closed above the key resistance (purple line) and is now easily moving towards the next resistance levels at $34, $42, and $55. After these levels, there is a lot of room for more growth.”

ENS Ecosystem Updates Likely Bolstering Bullish Sentiment

Several recent updates in the ENS ecosystem have likely contributed to the positive market sentiment:

ENS Names Now Available On Coinbase Wallet: Coinbase recently announced support for Ethereum Name Service (ENS) names on Coinbase Wallet. Users can now send and receive crypto to and from their ENS names on the Coinbase Wallet mobile app.

ENS Names Coming To Hardware Wallets: Ledger announced plans to integrate Ethereum Name Service (ENS) support into its hardware wallets. The integration will allow users to view and manage their ENS names directly from their Ledger devices.

ENS Price Defies Market Conditions With Double-Digit Surge

ENS has defied the market conditions with its double-digit surge. However, investors should wait and watch the overall market conditions before trying to make a decision.

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