Why Is Ethereum Name Service Rising? October 6, 2022

Despite the stagnant market conditions, Ethereum Name Service (ENS) has attracted attention, rising by about 9.5 percent in the last 24 hours, according to CoinGecko data. So why is the Ethereum Name Service (ENS) rising?

Ethereum Name Service (ENS), with its rise, became one of the most rising cryptocurrencies of the day. Let’s try to find the reason for the increase in ENS, which has increased by approximately 9.5 percent in the last 24 hours, in our analysis.

Ethereum Name Service Technical Analysis

According to CoinGecko data, ENS, which has risen in the last 24 hours, has increased by 9.6 percent in the last week. Let’s try to find the answer to the question of why the Ethereum Name Service (ENS) is rising. An analysis gives us a perspective that predicts that ENS will reach $27 after breaking its 200-day EMA, that is, its 200-day moving average.

Now, let’s examine the graph of ENS in the light of this information.

ENS’s daily chart Source: TradingView

Why is ENS Rising?

Looking at the chart, we can see that Ethereum Name Service started to rise after breaking its 200-day moving average. In addition, it is possible to say that the overlap of rising and falling trends on the chart also plays a role in the movement of ENS. If the rise in ENS continues, the next target could be the $22.9 band.

The RSI, on the other hand, has risen to reach the overbought limit after rebounding from the midline. Additionally, the large bullish gap between the fast and slow lines indicates a high probability of an uptrend towards the next bearish turning point. In addition to all these, it is worth noting that the number of records in the Ethereum Name Service has exceeded 2.6 million.

In addition, it is useful to mention the increase in activity thanks to the cooperation of ENS.