Ethereum Name Service Price Analysis: ENS Shows Bullish Trend with Positive Market Metrics

In recent weeks, Ethereum Name Service [ENS] has demonstrated a strong bullish outlook, surpassing key resistance levels that have hindered its progress for months. Market activity and demand indicators have shown notable improvement, signaling a positive trend for the token.

ENS Flips Bearish Trend

ENS has successfully broken through long-standing resistance levels in the $20-$22 range, marking a significant shift from its previous bearish trajectory since August. The network’s on-chain metrics have reflected this positive momentum, indicating a surge in market activity and demand.

Market Sentiment Analysis

The 90-day MVRV has turned positive following recent gains, potentially leading to profit-taking activities and a possible price correction. However, transaction count and velocity metrics paint a more bullish picture, showing increased market participation and token circulation.

Supply Distribution Trends

Analysis of address balances reveals interesting trends, with mid-sized addresses accumulating ENS tokens while large whales with significant holdings are also increasing their stakes. This dynamic suggests a growing interest in ENS among both retail and institutional investors.

Future Price Outlook

Despite the possibility of a price pullback, the overall trend for ENS remains upwardly mobile. With key resistance levels breached, the path is clear for further price appreciation, with $34.5 and higher extension levels identified as potential targets in the near future.

Overall, ENS has shown resilience in the face of market volatility, positioning itself for further growth in the coming weeks. Investors are advised to monitor price movements closely and consider the positive market metrics as indicators of future potential.

Source: Santiment