In this analysis, Iâll evaluate ENS across the daily and 4-hour timeframes. This Web3 project offers an innovative service allowing users to purchase wallet domains, making it a standout in its sector.
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Daily Timeframe: Pullback to the Critical Zone
On the daily timeframe, ENS has been trading within a broad range since early 2024, oscillating between $12.44 and $32. Despite the large range and significant price volatility, the market hasnât established a clear trend, repeatedly moving from the bottom to the top of this box.
đ Recently, alongside Bitcoinâs ATH breakout, ENS broke through the $20.92 resistance, which marked the Medium Wave Cycle resistance. This breakout introduced strong bullish momentum, leading to the price surpassing the $32 resistance as well. After breaking this level, the price retraced to $32 for a pullback and is now preparing for another upward movement.
âš The next significant resistance for ENS is $47.96, a level previously tested once before. Currently, the price is approaching this zone for a second test. Despite the negative divergence observed in the RSI and trading volume, this is typical in high-momentum uptrends. A successful breakout of $47.96 could propel the price toward the ATH at $77.99.
đœ In case of a pullback, the $32 zone remains critical support, already tested once. For deeper corrections, the $20.92 level is the next
important zone, and losing this level would entirely erode the bullish momentum, pushing the price toward $15.83 and potentially $12.44.
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The range between $12.44 and $15.83 represents a key demand zone, which could act as a significant barrier against further declines. For deeper corrections, the first RSI trigger would be a breakdown below 54.66.
âł 4-Hour Timeframe: Futures Triggers
In the 4-hour timeframe, Iâll focus specifically on futures triggers, as the main scenarios were detailed in the daily timeframe.
đŒ A breakout above $48.59 provides a suitable long entry. Defining precise targets in advance is challenging, as potential targets come from historical price levels. Itâs better to wait for the price to establish a new structure and use that to identify subsequent resistance levels.
đ A breakdown below $40.96 is a highly risky short entry, with low confidence in hitting the target. However, if a deep correction begins, this trigger could yield significant profits.Additional support levels include $32.86, $25.65, and $21.36. Breaking each of these could activate further short triggers, but for now, all short setups carry significant risk, as the market hasnât confirmed a trend reversal
đ Final Thoughts
This analysis reflects our opinions and is not financial advice.
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đKeep an eye on the charts and your portfolio, and remember: DYOR -Crypto is always changing, so stay informed before jumping in! đđž