Ethereum Name Service — Approaching Critical Moment — 30% Up Or Down ‼️❓
Ethereum Name Service (ENS) has been in a constant uptrend since May and has delivered some appealing pumps. However, ENS hasn't been able to sustainably break its long-term resistance at ~28 USD.
Since March, ENS has tested the 28-resistance several times. However, the result has been the same every time: rejection. This will probably change soon!
On the daily chart, ENS is approaching the corner built of the 28-resistance and the long-term uptrend. As a result, we can expect a major move soon. The question is, which direction ENS will choose?
To the upside, we have a 30% potential until the next major resistance at ~38 USD, and to the downside, we have identical potential towards the support at ~18 USD.
Based on the long-term trend, the upcoming ETH ETF go-live, and the overall bullish market sentiment, chances for a break to the upside are higher.
Nevertheless, the market is a beast. Therefore, you should watch the chart carefully and not enter a trade before a direction is confirmed. The expected volatility due to the ETH ETF can lead to traps.
In case of a break to the upside and confirmation, I will enter a trade with a target at ~38 USD.
