Ethereum Name Service price prediction remains bullish as the coin has already stormed nearly 8% in the last seven days. The Ethereum Name Service (ENS), introduced in 2017, is the most well-known blockchain name system. Because it is based on a decentralized architecture that allows users to maintain their domains, ENS is extremely secure.
The centralized approach also allows transactions to take place without the need for complicated addresses. The ENS/USD pair opened the day at $17.80 on October 6. It reached a high of $17.90 and a low of $17.40 in a single day. ENS/USD is currently trading at $17.60, an 11.15% increase. The price may rise significantly in the future, according to market sentiment.
ENS Registrations Reaches All-time High
Over the last six months, there has been a significant increase in interest in Ethereum Name Service (ENS) domains. Dune Analytics, a crypto monitoring site, reports that despite a 97% drop in overall NFT trading volume from January, when sales peaked, the number of newly issued Ethereum Name Service (ENS) addresses in September hit an all-time monthly high of 437,000.
Monthly ENS Registrations. Source: Dune
Domains are sold for millions of dollars on secondary marketplaces such as OpenSea. In September, the ENS, the largest domain seller, created the fourth-most traded type of NFT on OpenSea, with total transactions increasing 75% from the previous month to the equivalent of $12.5 million.
Several NFTs (non-fungible tokens) from well-known collections, such as CryptoPunks and Bored Ape Yacht Club, were at the top of the list of ENS domain names. Despite the NFT market being battered by the crypto winter, trading in relatively new assets has increased.
Crypto Domains are Still in Their Infancy
Given the volatile nature of cryptocurrencies and NFT markets, neither they nor Web3 can guarantee that their commitment will be met. Because of the high volatility of these markets, inexperienced traders may also face risks. However, new registrations indicate a high demand for ENS domains, driving up the price of ENS.
Devcon, the Ethereum Foundation’s annual main event, is a global family reunion for those who are:
- Already a part of our ecosystem.
- A source of inspiration for everyone.
- A thorough introduction for new Ethereum explorers.
Participants at Devcon Bogotá will receive some awesome swag thanks to ENS’s collaboration with POAP and IYK.
Getting one requires signing a message using the wallet that owns your ENS name, and we'll prioritise those who preregistered. https://t.co/6341yKW3Ux
— ens.eth (@ensdomains) October 5, 2022
You must have an avatar created for your ENS name. If you don’t already have one, ENS and Zsoltkosa collaborated to create a set of generative avatars based on South American animal themes.
After the event, the cards will be reset so that you can load your POAP drops into them and use them at any future event. If the event is a success, the price of ENS will rise and it may reach a June high of $18.
Ethereum Name Service Price Prediction
On the technical front, ENS has difficulty exceeding the $17.85 level. The leading indicators show that ENS has entered the overbought zone, and the bulls may be tiring, causing the start of a bearish correction.
ENS Price Chart – Source: Tradingview
On the downside, the ENS/USD pair could fall to the 50% or 61.8% Fibonacci retracement levels of $16.67 or $16.39, respectively. A break below the $16.39 level could trigger a further retracement to the $15.75 level.
On the bullish side, a breakout of the $17.85 level could push the ENS price to $21 or $23.45. The 50-day moving average is also pointing upward. As a result, bulls may be looking for a buy entry around $16.40.
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