- The ENS trading activity increased by 196 percent after Coinbase Germany listing
- The price of ENS surpasses the resistance at 26.71 with great technicals
- Altcoin rotation and Ethereum demand upsurge ENS rally
Ethereum Name Service (ENS) is the stage of a burning rally. The token is going at a price of $27.06, logging a stunning 32.48 percent advance in seven days. There has been a rise in market capitalization too to a level of $989.04 million with a 24-hour trading of $396.65 million, which is 6.45% higher. Such a dramatic price movement is a result of powerful ecosystem deployments and new capital influxes sparking the place of ENS in the digital asset economy.
Source – CMC
Listing Frenzy Sends ENS Soaring
Source – X
On July 10, Coinbase Germany opened ENS to more than 83 million citizens. As the token entered the platform, trading volume increased by 196% to $362 million in a single day, which made ENS one of the hottest assets this week. The addition of Coinbase Germany exposed ENS to a huge pool of users leading to the rush of activities and exposure, the ENS team clarified through X. The promotion placed ENS at the front of a market, which was keen to experience the innovations associated with Ethereum.
ENS’s correlation with Ethereum also underpinned the surge. With a correlation value of 0.89, ENS’s response was even stronger than ETH’s 3.8 percent change. This is more of a general altcoin rotation as investors want to re-allocate capital in Ethereum-driven assets.
Technical Breakout Signals Fresh Highs
The technical structure of ENS turned decisively bullish. The price broke the resistance at 26.71, which was supported by the 127.2 % Fibonacci extension. The MACD histogram registered the highest since many months at +0.58, and RSI climbed to 86.15, confirming robust rising forces. The ENS domains community reported that new targets are a reality as the core resistance is broken, and people have been trading above swing highs.
The next target will be the June swing high at $29.59, which is matched by the 161.8% Fibonacci amount, and support will stay on a solid $24.45. It is the runaway demand and the bullish technical indicators that have made the trading conditions of ENS to experience a situation that is only witnessed throughout early 2024.
Watchers noted that the overbought indicators, which are in themselves warning signs, are not cooling the appetites on this Ethereum ecosystem token. Trading commentary said, Current momentum is still in good shape as long as the major support is maintained.
Altcoin Rotation Drives Capital into Ethereum Ecosystem
In wider markets, the resurgence of belief in altcoins and, especially Ethereum-related projects, has channeled large flows towards ENS and other tokens. The gentler US inflation and inflows into Ethereum ETFs have amplified rotation into de facto “altseason” circulation, the place Ether and other tokens such as ENS have been pulling liquidity previously focused on Bitcoin. The Sharplink ETH treasury’s past has only served to heighten the ecosystem’s perception of wealth transfer.
With Web3’s continued focus on usability and the proliferation of decentralized apps, the internal naming component of ENS, the protocol that names the Ethereum blockchain, is still having a good time.
What’s Next for ENS?
Bullish targets are now at least at $29.59 and up, and some more speculative projections even higher in the current cycle. Its unlocked market capitalization is at $2.54 billion, which is an indication that there will be additional gains in the event that capital inflows continue to rise. The real-time data suggests a market that is repricing ENS quickly as it turns out that speculative and ecosystem demand are aligning.
