Ethereum Name Service (ENS) has surged 30% in the last 24 hours to reach a price point not seen since January 2022.
ENS, a decentralized naming system on the Ethereum blockchain, allows users to acquire human-readable names like “jenny.eth” and link them with various identifiers, including addresses, content hashes, and metadata.
Unlike traditional Domain Name Systems (DNS), ENS domains are managed by smart contracts and a Decentralized Autonomous Organization (DAO), ensuring they are free from centralized control.
Ethereum Name Service is compatible with a wide range of blockchains, including popular ones such as Optimism, Solana, Arbitrum, and Base.
The developers have not yet specified the exact timing of the V2 upgrade, but indications from the roadmap suggest it may take a few months to complete.
Additionally, the Ethereum Name Service price surged on Monday, buoyed by the performance of other cryptocurrencies. Bitcoin, after dipping to $60,000 on June 29, rebounded to $63,500, its highest level in nearly two weeks, triggering a notable rise in the crypto market. Ethereum also rose to over $3,500.
Furthermore, there are signs that the SEC may approve a spot Ethereum ETF this quarter. While the agency has sent back the S1 filings to the issuers, indications point towards a potential approval later this quarter. The ENS token is expected to perform well if this approval occurs.
Market analyst Javon Marks noted that the recent price surge has pushed ENS to new highs, with a target of $76.12. If this trend continues, ENS could potentially increase by another 138%.
Another analyst, Matthew Hyland, is even more optimistic, predicting that ENS could reach $120 if the current upward momentum holds.