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Even though the crypto market has been quite unstable, Ethereum Name Service (ENS) has been showing a lot of growth potential. ENS has shown it can bounce back with an almost 4% rise in the last week. Its success over the last 30 days has been even better, with a 15% increase.
People think that the release of Ethereum ETFs will be a big part of making ENS more well-known and appealing. These ETFs are a big change in the world of cryptocurrencies, and they might get more investors interested.
As Ethereum ETFs become more popular, they could lead to more demand for Ethereum-based assets, such as ENS, which would make it even more visible in the market. The price of ENS is $25.80 right now, and it’s worth $852 million on the market.
Ethereum Name Service: Market Sentiment
Even though ENS lost 9% in the last 24 hours, the general direction for the altcoin remains positive. Bitcoin’s recent drop to $65,500 is one factor that caused this short-term drop. This has put downward pressure on altcoins, including ENS. But Bitcoin has recently risen from its support level, which could mean that the negative pressure is over.
$ENS (Ethereum Name Service) sustaining majorly here and returning with signs of strength towards the $76.121 target!
With a breakout holding and significant progress towards this target already taking place, the run to meet it can already be underway and another +153% from here… https://t.co/hgiLnXUevs pic.twitter.com/sQWCVajAKC
— JAVON⚡️MARKS (@JavonTM1) July 23, 2024
The market is once again feeling optimistic, which means that the price drop for ENS might not last long. As the market as a whole improves, Ethereum Name Service is ready to take advantage of the good vibe. This makes it an interesting asset for buyers to keep an eye on in the coming weeks.
The well-known cryptocurrency expert Javon Marks has made a positive prediction about Ethereum Name Service. He thinks that its price will go up a lot. In fact, he said the altcoin’s price increase is “underway.” He estimates the altcoin to hit the $76.12. ENS has been breaking out in a way that he thinks shows a lot of strength and resolve.
Analyst Predictions
Marks talks about how current changes at the price point could be the start of a big rise. He predicts that the price of ENS could go up by about 153% from where it is now to this goal. Based on fundamental analysis and market trends, this confidence shows that ENS is in a great place to grow.
The altcoin is moving 228% below its 1-month forecast, but Coincheckup predicts an upswing in seven days. This massive undervaluation signals tremendous potential. Positive news, technical signs, or market rebound may fuel the upswing.
Coincheckup sees a 245% price increase in three months for ENS. With maintained good momentum, it predicts 180.55% growth over six months. The one-year projection suggests a 166.70% gain, indicating long-term confidence in the asset’s appreciation.
The coin market is always changing. People who trade in and watch the market will be very interested in how ENS does in the coming weeks and months. This is especially true given the current state of the market and the impact of new items such as Ethereum ETFs.
Featured image from Rolling Stone, chart from TradingView