Ethereum Name Service (ENS) token has surged over 8% in value in the past 24 hours.
The announcement of an upcoming ENS rebranding fuels the recent price surge.
The old and well-known altcoin Ethereum Name Service (ENS) has shown a notable surge, rising over 8% in the last 24 hours. This increase comes following the announcement of an upcoming rebranding for ENS.
Ethereum Name Service (ENS) Price Chart (Source: CoinMarketCap )
At the time of writing, ENS is trading at $26.64 with a market cap of $834 million. The daily trading volume has also seen a significant boost, rising 14% to reach $134 million. This surge indicates heightened investor interest and activity surrounding the token.
Will Ethereum Name Service (ENS) Hit New High?
Since the start of the year, ENS has faced persistent resistance in the price range between $27.82 and $29.16, which has become a critical zone to surpass. Despite this, the overall trend remains bullish. Further, the on-balance volume (OBV) continues its upward trajectory, suggesting that buying pressure is outpacing selling pressure.
However, the 200-day moving average (MA) indicates some price pressure, which could lead to a bullish breakout beyond the current resistance levels. Still, as the second half of the year begins, there is potential for continued upward movement, possibly pushing ENS towards a new all-time high (ATH).
ENS previously achieved its ATH on November 11, 2021, during a significant crypto market boom. Although the bullish rally in the first quarter of 2024 did not significantly benefit ENS or Ethereum price.The anticipated rebranding could pave a new path for ENS. Additionally, the expected launch of a spot Ethereum ETF on July 4th could serve as a catalyst for both ENS and ETH.
