Why $ENS pumps over 37% in last two day?

ENS’s price has surged 37% in the past two days, now at $31.70, peaking at $35.1 on June 12, its highest since January 2022. It’s currently touching the upper Bollinger Band and Woodies CCI is at 161.66, both indicating overbought conditions and a potential reversal or consolidation.

Today, ENS is at $31.34 with a 24-hour trading volume of $1.02 billion and a market cap of $996 million, holding a 0.04% market dominance. ENS has risen by 22.07% in the last 24 hours.

ENS is a decentralized naming system on ETH, allowing users to acquire human-readable names like “jenny.eth” linked to various identifiers. Managed by smart contracts and a DAO, ENS domains are free from centralized control.

The recent price surge is due to anticipation for the upcoming ENSv2 upgrade, which aims to improve scalability, affordability, and flexibility. The exact timing is not specified, but it may take a few months.

Additionally, there are signs that the SEC might approve a spot Ethereum ETF this quarter, which could further boost ENS’s performance.

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