Ethereum
Why Ethereum Name Service (ENS) Exploded 20% Today
According to data from Coingecko, Ethereum’s native token Name Service (ENS) has seen significant price gains in recent days, gaining more than 20% in value in the last 24 hours.
These gains are driven by growing excitement over the upcoming ENSv2 upgrade, which aims to improve the efficiency and scalability of the naming service.
ENS token gains massively
ENS, the native token of the Ethereum naming service, has seen significant price gains, especially in the last 24 hours. According to Coingecko’s chart analyticENS has risen from a low of around $26, a critical resistance level since May 2022, to a high of around $33.1, representing an increase of nearly 30%. At the time of writing, ENS has edged down to around $31.6, still over 21% higher than its value on Sunday.
Chart analysis shows that the price of ENS has increased by more than 42% in the last seven days, from a low of $22. The price increase accelerated on June 30, until July 1. Despite this strong performance, ENS is still trading 62% below its all-time high of over $83.
Following this substantial increase, ENS is $10 million away from reaching a market capitalization of $1 billion and thus enters the “billionaires’ club”.
On Monday, July 1, crypto analyst Javon Marks shared an analysis of ENS price action on X, highlighting the token’s potential to reach the $76.121 target after its breakout. Marks noted that ENS is creating new highs after the breakout, suggesting that a continued breakout could lead to an additional 138% increase, potentially propelling the token towards the $76.121 target quickly.
Javon actively monitored ENS prices, noting a significant break from a 726-day resistance trend. A few days later, the analyst tweeted“ENS (Ethereum Name Service) continues to rally here and can still be set for over 180% upside from the $76.121 target!”
ENS prepares for upgrade to ENSv2
The ENS started to show signs of redemption in mid-June after long periods of up and down movements. However, stronger price movements have been observed since the recent announcement by the ENSv2 Cryptographic Naming Service Provider.
According to their blog postThe new version aims to improve the accessibility, flexibility and scalability of ENS.
The ENSv2 upgrade was first announced in May, which provided a substantial price-performance ratio. So far, the developers have not yet announced the exact date of the launch of this upgrade.