Ethereum Name Service Price Soars 38% in a Week, Is $38 the Next Target?
The post Ethereum Name Service Price Soars 38% in a Week, Is $38 the Next Target? appeared first on Coinpedia Fintech News
Ethereum Name Service has ignited serious bullish momentum. This comes as it registers a 38.32% gain in the last 7 days and a jaw dropping 19.45% rally in just 24 hours. The catalyst behind the run, you ask? A combination of strong fundamentals, that includes Coinbase Germany’s direct ENS listing and a massive 157% spike in derivatives volume.
With the ENS price now trading in territory not seen since February and volume soaring 207%. Is Ethereum name service price up for a breakout? Or Is a pullback on the horizon? In this price analysis, I give you the possible short term targets!
Open Interest Signals Fresh Bullish Momentum
As per CoinGlass, ENS Futures Open Interest has surged alongside price, reaching levels last uncharted since early 2024. This rising open interest, now inching $120M, indicates strong capital inflow into leveraged positions.
The alignment of price and open interest trends reinforces the bullish thesis, suggesting that the rally is backed by fresh speculative demand rather than short-term hype.
Ethereum Name Service Price Analysis:
ENS on its price chart has shown a strong breakout from the $24–$25 zone, which had previously acted as a stubborn resistance. This breakout is backed by rising volume, a close above the 200-day EMA at $20.85, and a breach of the 23.6% Fibonacci retracement level at $22.49. That being said, the Bollinger Bands are widening, indicating increasing volatility and strong bullish bias.
With the current price of $26.47, ENS is rapidly approaching its immediate resistance at $27.71. If bulls manage to sustain this momentum, the next major target for Ethereum Name Service is at $37.91, something which was a common sight in 2023.
Contrarily, the $24.24 level now serves as immediate support. If this fails, a deeper correction toward $18.30 cannot be ruled out. However, given the strength of the current breakout, bulls appear to be in firm control for now.
FAQs
Coinbase Germany’s listing and a 157% jump in derivatives volume have driven bullish sentiment.
The RSI at 78.17 signals overbought conditions, hinting at potential consolidation or pullback.
If ENS breaks above $27.71, it could rally toward the $37.91 resistance level next.