thecoinrepublic.com
- 1 Chatgpt.ETH has recently been sold for 6 ETH which has given a little boost to ENS
- 2 Technical indicators of ENS are favoring downside trend in price.It has seen a drop of 3% in intraday session
Ethereum Name Service (ENS) is a decentralized system which enables users to assign human-readable names to Ethereum wallet addresses, smart contracts, and other resources on the Ethereum blockchain. Instead of using long and complex Ethereum addresses, users can register a domain name and associate it with their wallet or other Ethereum resources.ENS was launched in May 2017 and is built on top of the Ethereum blockchain. It provides a simple and user-friendly interface for managing Ethereum addresses, making it easier for users to send and receive payments, To use ENS, users must first register a domain name and link it to their Ethereum wallet address. Once a domain name is registered, it becomes part of the ENS namespace and can be resolved to the corresponding Ethereum address.ChatGpt.ETH domain name has recently been sold for 6 ETH. ENS can see a strong momentum in the future
ENS has a market cap of $294 Million and is ranked 125th in cryptoverse. Meanwhile only 20% supply of ENS is currently circulating in market. Volume to market cap ratio of ENS suggests a consolidated trend in price.
Bears Of ENS Price Are Pushing Down
ENS has formed a strong bearish candle which can push the asset price to a new low.The weekly technical chart of the ENS suggests a consolidated trend in price.On the daily chart it is trading near the value of $14.5 with a drop in intraday session.Resistance of the ENS can be seen near $18.Meanwhile the support of the asset price can been seen near $10.It is currently trading above the 100 Daily Moving Average and below 50 DMA. There can be a negative crossover which can push the asset price to a new low.
RSI of the ENS is currently near 44 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 Services has seen a strong drop with a long bearish candle.Chatgpt. ETH has recently been sold for 6 ETH. Various analysts are expecting a rebound in price
Technical Levels
Major Support:$10
Major Resistance:$18
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.