- The Ethereum Name Service (ENS) token has seen a notable price increase recently.
- Anticipation around the upcoming ENSv2 upgrade is driving this momentum.
- A significant rise in price and trading volume indicates growing investor interest.
Find out why the ENS token is rising and what it means for the future of decentralized naming services.
ENS Token Experiences Major Surge
The Ethereum Name Service (ENS) native token has been on a tear, demonstrating remarkable upward momentum over the last 24 hours. Coingecko’s analytics reveal that ENS climbed from a low of around $26—its key resistance level since May 2022—to a high of approximately $33.1, marking an almost 30% increase. At the time of this report, ENS slightly corrected to about $31.6 but remains over 21% higher than its value just a day prior.
Over the past week, ENS has escalated by more than 42%, rising from a baseline of $22. This upward trajectory sped up notably on June 30, peaking on July 1. Despite its strong performance, ENS is still trading about 62% below its all-time high of over $83. Notably, ENS is inching closer to a $1 billion market cap, currently just $10 million short of joining this exclusive club.
On Monday, July 1, crypto analyst Javon Marks published a detailed analysis of ENS’s price action on X, pinpointing the potential for ENS to reach a target of $76.121 following a successful breakout. Marks observed that ENS is creating new post-breakout highs, suggesting the possibility of a further 138% increase if the momentum holds.
$ENS (Ethereum Name Service)’s price surges, creating new post-breakout highs on a major candle here towards the $76.121 target!
If this breakout continues, we could see another +138% upside for ENS, and it could happen quickly… pic.twitter.com/l2lKFZjBtc
— JAVON⚡️MARKS (@JavonTM1) July 1, 2024
Marks has been vigilantly tracking ENS’s price action, noting a significant breakout from a 726-day resistance trend. “ENS (Ethereum Name Service) continues to recover here and still targets an over 180% upside to $76.121!” he later tweeted, signaling sustained bullish sentiment.
Excitement Builds for ENSv2 Upgrade
Mid-June marked the beginning of renewed bullishness for ENS after a period of volatility. The recent announcement of the ENSv2 upgrade has further fueled this sentiment. According to their blog, ENSv2 aims to improve overall efficiency, scaling, and affordability of the naming service.
The ENSv2 upgrade was initially teased in May, leading to noticeable price improvements. However, the development team has yet to confirm an exact launch date for this anticipated upgrade.
Conclusion
The recent surge in the ENS token’s price is a testament to growing investor confidence in the Ethereum Name Service’s potential, especially with the upcoming ENSv2 upgrade. While the token is still below its all-time highs, the outlook remains positive, with analysts predicting substantial future gains. Investors and crypto enthusiasts will be keenly watching the space for further developments and the official launch date of ENSv2.
