Ethereum Name Service (ENS), which resides in the Ethereum ecosystem, is facing a possible correction even though its value has increased by 110% in the last 10 days.
ENS, one of the best performers of recent days, lost its positive momentum after Bitcoin lost $9 thousand on the second day. These days, as market sentiment turns to panic selling, the price of ENS is at risk of a potential correction.
AMBCrypto prepared a graphic analysis for ENS, whose value decreased by 8% in the last 24 hours. The analysis mentioned the importance of support points.
ENS analysis
According to analysis by AMBCrypto, profit selling may be starting in Ethereum Name Service (ENS), which has seen strong capital inflows in the past weeks. The analysis said momentum has weakened and short-term sentiment indicates selling pressure.
Support and resistance points on the chart attract attention. According to the analysis, if selling pressure increases, ENS will test the price at $34.58. If the discussed support point is lost, the price is expected to fall to $22.57. The analysis argued that the zone between $22.57 and $20 is critical for a trend reversal.
In a possible bullish scenario, ENS would need to break through the $40.25 resistance. If this resistance point is broken, the price will test the psychological resistance level at $49.80.
The analysis included the following statements:
“Worryingly, spot CVD data has begun to decline. This indicates that the demand for ENS in the spot market has decreased.“
According to data from CoinGecko, the market value of ENS, traded at $39.03, reached $1.3 billion.
This article does not contain investment advice or recommendations. Every investment and trading venture involves risk, and readers should do their own research when making decisions.
