Ethereum Name Service (ENS) Drops To $16 Support; Will Bears Come Out Top?

• ENS’ price shows strength as price holds strong above the key support zone to avoid price retesting lower point on the daily chart.
• ENS rejected a trend higher above $20 as the price faced a sharp rejection to a region of key Support of $16.5. 
• The price of ENS continues to hold strong above the 50 and 200 Exponential Moving Averages (EMA) as the price aims to rally toward $20.

The price of Ethereum Name Service (ENS) has continued to hold strong as price trends toward the region of $20 as the price faced rejection earlier from that region. The crypto market has had little volatility compared to previous weeks, with many altcoins and major crypto players like Bitcoin (BTC) and Ethereum (ETH) continuing to move in a range with few exceptions. The likes of Ethereum Name Service (ENS) have had a great time rallying despite the uncertainty in the market, with many wondering if the $20 resistance would be broken for a higher high. (Data from Binance)

Despite many altcoins struggling to trend in a range market, the price of ENS has been a standout performer as price rallied and held strong at key support zones showing the strength of buyers not willing to let go of price to sellers.

The price of ENS has had a bad time recently as the price declined from an all-time high of over $100 to a region of $8 before rallying to a high of $17. ENS’ price faced a rejection from $17 to break higher to the region of $20. 

After the price of ENS was rejected from $17, the price dropped to a region of $11, where the price seemed to have formed strong Support and likely a demand zone for future buy orders. The price of ENS rallied from $11 to a high of $17 as the price broke above to rally with more strength to $20, where it faced resistance back to $17.

The overall structure for ENS looks good as there are high chances of price retesting the regions of $20 and even higher.

Weekly resistance for the price of ENS – $20.

Weekly Support for the price of ENS – $16.5-$17.

In the daily timeframe, the price of ENS continues to hold strong and trade above the key Support formed at 50 EMA after forming an uptrend line as the price respects this line acting as Support. 

The price of ENS needs to break and hold above $20 for the price to trend higher to a region of $27 and possibly $30.

Daily resistance for the ENS price – $20.

Daily Support for the ENS price – $16.5.

The ENS price from the on-chain analysis looks more decent despite a fall of over 70%. ENS produced a reasonable return on investment (ROI) of 72% over the past three months compared to other crypto assets that have struggled for the past months.