ENS Price Explodes 20% to Reclaim Monthly Highs, What's Next?

While most altcoins exploded to new highs in the past week, ENS remain neutral-bearish while struggling with volatility. However, it broke out this week and now appears bullish due to the latest surge in volatility.

As most altcoins reached new highs this past week, ENS remained neutral-bearish and struggled with volatility. However, it broke out this week and now appears bullish due to the latest surge in volatility.

Following this month’s global market increase that brought significant volatility into many altcoins, ENS lagged in the rally as it continued to maintain a neutral-bearish (a range-bound) mode on the daily timeframe.

Fortunately, things changed this week as volatility flow into the token due to rising demand. The price broke out from the neutral-bearish mode and exploded to $39 – marking its highest level since January 2022.

Now that the price is out of the woods from a mid-term perspective, we can expect a bigger price movement in the coming months. Amid rising demand, it may reclaim and even surpass its previous all-time high if capital continues to flow into the market.

Meanwhile, this surge was technically triggered by the recent break up in Ethereum’s price, although some fundamental surrounding the asset could be another factor contributing to the current flip.

If the surge fades away, the price may retest the recent broken resistance as support before picking up again. Considering the latest shift in the market structure, the bulls are now in control of the market while the price currently sits at support

ENS’s Key Level To Watch

Currently, the price is slightly rejected to where it trades at $35. There’s a close support at $30.5. If the price rolls over, the support levels for a more drops are $26.11 and $22.

Moving higher, it must retake the current daily high of $39 before rallying to the $45 level and potentially $49.9 in the near term.

Key Resistance Levels: $39, $45, $49.9

Key Support Levels: $30.5, $26.11, $22

Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.

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