Ethereum Name Service (ENS) Skyrockets Over 100% Amid Altseason Buzz and Coinbase Backing
The Ethereum Name Service (ENS) has emerged as a standout performer in the cryptocurrency market, boasting a remarkable 39% surge fueled by mounting optimism for the anticipated altseason. This week, ENS stole the spotlight, surging over 100%, and drawing increased attention from crypto enthusiasts and investors alike.
A significant catalyst for this surge was the public endorsement by Coinbase CEO Brian Armstrong, who praised ENS as a leading decentralized identity solution. Armstrong’s support amplified investor interest, propelling the ENS price to $34.24 at the time of writing. The token now enjoys a market cap of nearly $1.17 billion and a staggering 24-hour trading volume of $2.35 billion, marking a jaw-dropping 375% increase.
The ongoing Ethereum rally has further bolstered ENS’s growth. Ethereum itself has climbed more than 15% in the past week, crossing the $3,600 threshold. Although ENS remains 60% below its all-time high of $85 from November 2021, the current uptrend signals a potential breakout.
ENS is now eyeing a critical $32 resistance level, a barrier it hasn’t breached since early 2022. Market analysts suggest that overcoming this resistance could ignite another major rally, potentially driving the price to $82 or beyond, representing a 250% gain. Such leaps are not uncommon during altseason, especially as Bitcoin’s dominance wanes and investors shift their focus to altcoins.
Adding to its bullish momentum, ENS has shown improved performance against both Bitcoin and Ethereum, reflecting heightened investor confidence. With the market sentiment currently steeped in "extreme greed," ENS is poised to ride the altseason wave to new heights.
ENS operates as a decentralized naming system on the Ethereum blockchain, simplifying cryptocurrency transactions by converting human-readable addresses into machine-readable formats. With its practical utility and Coinbase’s endorsement, ENS is solidifying its position as a key player in the evolving Web3 ecosystem.