The Ethereum Name Service (ENS) is a blockchain-based distributed, open, and extendable naming system. ENS translates human-readable Ethereum addresses like john.eth into machine-readable alphanumeric codes that wallets like Metamask are familiar with.
ENS is an open-source project that describes itself as a “company-owned open public utility.” It aspires to be as important to Web3 as DNS is to the internet. Furthermore, thanks to blockchain technology, ENS has no single point of failure and is censorship-resistant and secure by design. It is the first service to move the Domain Name Service to the decentralized Web3, Ethereum Name Service offers a one-of-a-kind value proposition. Users can get any crypto or NFT to a short and easy-to-remember URL instead of utilizing machine-readable but inconvenient alphanumeric codes. Let us review the ENS price
ENS Price Prediction
Bullish Scenario: The ENS price has been in a strong bullish trend over the past few weeks. Last week, ENS broke the bearish downtrend line on a higher time frame. It is now trading above the $19.51 support zone. If it remains above this zone and the $26.92 resistance level breaks, we might see a move towards $30.80, $37.12, and even higher.
Bearish Scenario: We’re witnessing early signals of significant bullish momentum, but we can’t fully exclude the negative possibility. ENS is still in a downturn on higher time intervals, such as monthly(M). So failure to hold the support at $19.51 and breaking below $15.37 could lead to a drop towards $13.59 and below.
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