tl;dr
The native token of Ethereum Name Service (ENS) has surged by 37% in the past 24 hours, making it the top gainer among the top 100 cryptocurrencies. ENS reached a new year-to-date high of $37.29 before slightly pulling back to $34.17, accompanied by a notable rise in trading volume. The trading volu...
ENS native token of Ethereum Name Service surges by 37% in 24 hours, reaching new year-to-date high
ENS sees a 300% increase in trading volume, indicating strong investor interest and sustainability of rally
ENS open interest reaches multi-month high at $132 million, reflecting growing confidence in price movement
ENS price prediction: Market overheated with potential correction towards $28.27
The native token of Ethereum Name Service (ENS) has surged by 37% in the past 24 hours, making it the top gainer among the top 100 cryptocurrencies. ENS reached a new year-to-date high of $37.29 before slightly pulling back to $34.17, accompanied by a notable rise in trading volume. The trading volume has reached an all-time high of $2.35 billion, signaling strong investor interest and making the rally more sustainable. The open interest has also surged to a multi-month high of $132 million, suggesting growing confidence in the price movement. However, the Relative Strength Index (RSI) indicates that the market is overheated, and a potential correction could push the token price below support at $31.57 and toward $28.27.
ENS, the native token of Ethereum Name Service, a decentralized naming system, has seen a sharp price increase, surging by 37% in the past 24 hours. This performance makes it the top gainer among the top 100 cryptocurrencies. During Thursday’s early Asian session, the altcoin reached a new year-to-date high of $37.29 before pulling back slightly. It is now trading at $34.17, accompanied by a notable rise in trading volume.
A significant rise in trading volume has accompanied ENS’ double-digit surge. It has reached an all-time high of $2.35 billion, rocketing by more than 300% over the past 24 hours. When an asset’s trading volume rallies with its price, it signals strong investor interest. Rising volume confirms that the price movement is supported by active participation, making the rally more sustainable. On the other hand, a price increase without volume growth may suggest a weaker uptrend that could be prone to reversal.
Moreover, the altcoin’s open interest has surged to a multi-month high of $132 million, confirming the rise in trading activity. Per Santiment, this has risen by 7% over the past 24 hours and is currently at its highest level since July. Open interest measures the total number of outstanding contracts (such as futures or options) that have not yet been settled or closed. When it climbs during a price rally, it indicates that more traders are entering positions, suggesting strong market participation in the rally. This signals the trend will continue, as increasing open interest reflects growing confidence in the price movement.
As of this writing, ENS trades slightly above support formed at $31.57. A successful retest of this support level will propel the token’s price to reclaim its year-to-date high of $37.29. However, readings from ENS’ Relative Strength Index (RSI) indicate that the market is overheated, and buyers may soon experience exhaustion. At press time, the indicator’s value is at 79.27.
A potential correction will push the ENS token price below support at $31.57 and toward $28.27.