thecoinrepublic.com
- 1 Ethereum name service DAO has recently passed a vote to sell 10K ETHER
- 2 Technical indicators are favoring a consolidation in price.It has seen a gain of 3.2% in BTC pair
Ethereum Name Service (ENS) is a decentralized domain name service built on the Ethereum blockchain. It allows users to register human-readable domain names, such as “myname.eth,” which can be used to simplify the process of sending and receiving cryptocurrencies and other blockchain-based assets.ENS system operates in a similar way to the traditional domain name system (DNS), but with some key differences. Instead of relying on centralized servers and domain name registrars, ENS is completely decentralized. They use smart contracts to manage domain name registrations and ownership. This ensures that domain names are owned by the users themselves, rather than by a centralized authority.ENS also allows users to send and receive cryptocurrencies using simple, easy-to-remember domain names, rather than long and complex addresses. Ethereum Name Service Dao has recently passed a vote in which they will sell 10k ETHER.
ENS is currently ranked 127th in the cryptoverse and has a market cap of $328Million. Volume of the asset has seen a decline of 4% in the intraday session.Volume to market cap ratio of ENS suggests a consolidated trend in price.
Are ENS Bulls Looking For A Comeback?
The weekly technical chart of the ENS suggests a consolidated trend in price.On the daily chart it is trading near the value of $16.25 with a gain of 4% in the intraday session.It is currently in a consolidated trend but can see a new high in the future.Resistance of the ENS can be seen near the value of $20.Meanwhile the support of the asset price can be seen near the value of $12. It is trading above the value of 50 and 100 Daily Moving Average.Meanwhile, 50 DMA can be seen as the support of the asset price.Various analysts are expecting a strong growth in ENS in future.
RSI of ENS can be seen near 34 suggesting its presence in the neutral zone.There is a downside trend which can push the asset price to a new low.
Conclusion
Ethereum Name Service Dao has recently passed a vote to sell 10K ETHER. ENS price is currently in a consolidation but can see a new high in the near future.
Technical Levels
Major Support:$12
Major Resistance:$20
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only, and they do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.