Is It Too Late to Buy Ethereum Name Service? ENS Price Doubles as New Bitcoin Mining Protocol Goes Viral
As decentralized naming systems gain traction, Ethereum Name Service has seen ENS price double, leaving some FOMO investors asking is it too late to buy Ethereum name service – find out in ENS price analysis.
The bullish moves come after Ethereum founder Vitalik Buterin commented that ENS has layer-2 potential for DeFi applications.
ENS surged 96% this week – Vitalik is bullish on its application in DeFi.
BlackRock’s Larry Fink highlights the potential value in Ethereum ETFs; I have no doubt it'll be up next.
Revolut/Venmo use a mobile phone number to send value – ENS will become the decentralized… pic.twitter.com/Mlr93XVRt8
— s4mmy.moca (@S4mmyEth) January 15, 2024
Indeed, decentralizing naming systems are gaining traction as a web3 alternative to naming systems used by major payment facilitators Revolut and Venmo.
As price action reels from the dramatic pump, Ethereum Name Service is currently trading at a market price of $24.26 (representing a 24-hour change of +2.24%).
Consolidation is fighting to hold position above an immediate lower support level at $23.45, which is forming a bullish foothold for a further push high in the ongoing trading channel (yellow).
This comes after a major two-day skyrocket, which saw ENS gain a whopping +89% following Vitalik’s bullish tweet.
However, some warning signs emerge from the 20DMA, which while ascendant has seen ENS price action diverge +62% above the current moving average level at $14.99.
Meanwhile, the 200DMA remains low in the chart ($9.08) despite showing a glimmer of weakness in a quick test of support on January 3.
Ethereum Name Service’s over-extended position is worsened by a strong bearish signal from the RSI, which shows as overbought at 79.45.
Yet, the MACD continues to
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