From a broad view of the Ethereum Name Service market, it is in an uptrend. The the bulls are more aggressive than the bears. The bulls were able to secure higher support with each price pullback. On the 13th of October, the battle became intense between bears and bulls. Bears initially brought the price down to around $16.000 before bulls regain control over the market and the price rose to around $20.000. Eventually, for that day, the market closed at $19.5000. Then the bears formed resistance at the $20.000 level.
Ethereum Name Service Market Price Statistic:
- ENS/USD price now: $17.95
- ENS/USD market cap: $362,676,646
- ENS/USD circulating supply: 20,244,862.09
- ENS/USD total supply: 1,000,000,000
- ENS/USD coin market ranking: #100
- Resistance: $20.000, $21.000, $22.000
- Support: $17.000, $16.500, $16.000
Ethereum Name Service Market Price Analysis: The Indicators Point of View
The sellers formed resistance at the $20.000 level. The resistance was so strong for buyers that their upward pressure was continuously cut short for 5 days. As a result of this, the market ranged sideways at this level from the 13th to the 17th of October. The price begin to pull back from the $20.000 price level on the 18th and the bulls were able to find support for the price at $16.500. This price level is the basis for today’s bullish advancements toward the $ 20.000 price level. The three indicators used for this analysis point to the possibility that the price may be consolidating again. Initially, the Bollinger was moving in an ascending pattern, now it is moving in a horizontal pattern. The MACD line is also behaving in the same way.
ENS/USD 4-Hour Chart Outlook
To confirm the consolidation sentiment, the 4-hour trading standpoint portrays the market moving sideways. In the third session of today’s session, bulls took the price to around the $20.000 price level, but the bulls’ move was cut short again. And the Bollinger band did not even respond to the bullish move because the selling pressure is still strong around the $20.000 resistance level.
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