The Ethereum Domain Service from ENS Labs (ENS) is available on the Linea network starting today. Let us remember that it translates blockchain addresses into understandable, readable and memorable names.
How's#ENSdoing? The last time we looked at the asset’s chart was on May 29, assuming that the price found a high in the third wave and then went into a correction, after which it would update the local high in the fifth wave.
For comparison “it was / became” - we don’t specifically change anything on the graph.
The idea worked, but the correction turned out to be stronger than expected. It went not to the volume level of $22.30, but to the next one - $19.37. But the high did not reach the upward trend that has been going on since January 2024. The price reached only $34.58 at the moment.
After July 1, the price is in correction. And for further growth, two things confuse me:
1. If on July 5 a low was placed in wave A, and on July 8 a high was placed in wave B, then the price should place the final corrective C. The price behind the low on July 5 is $20.18.
2. In addition, in general, the entire growth since October 2023 can also be considered as a five-wave structure, also with a high on July 1. And if we assume that the growth in the fifth wave is over (which is not necessary), the asset will still face a long period of correction. And it is best to select it on a test of global upward trend support (indicated by a dotted line). Today it's $12.
This does not fit well with expectations for the growth of altcoins and, in particular, the growth of altcoins associated with Ethereum. For now, let’s set alerts on the nearest volume levels and watch. If the asset can return above $32, there is a high probability of continuation of the fifth wave, in which, covering the imbalance of the January 2022 fall, the price will reach the volume level of $39.36 or so.
