Ethereum Name Service (ENS) Captured Attention with a Notable 39% Surge

This optimism has sparked interest in several altcoins, with ENS emerging as a top performer in this week, climbing over 100%.

Highlighting the altcoin season, several altcoins have enjoyed remarkable gains, with Ethereum Name Service (ENS) emerging as a top performer this week, surging over 100%.

The optimism in altcoins is palpable, with Coinbase CEO Brian Armstrong's endorsement of ENS as a key decentralized identity project further boosting interest in the token.

At press time, ENS trades at $34.24, backed by a market cap of around $1.17 billion, while 24-hour trading volume shows a massive surge of almost 375%.

The rally in ENS comes as the price of Ethereum pumps over 15% in the past 7 days, breaking above $3,600.

Despite being 60% lower than its all-time high of $85 reached in November 2021, the recent uptrend in ENS price suggests a potential breakout.

ENS is seen trading near a critical resistance zone of $32, a level it has been attempting to cross since early 2022. Analysts foresee that breaking this level could lead to a strong rally, potentially taking the price to $82 or higher. This would require a 250% gain, something that is not uncommon during altseason.

ENS has also shown strength in its performance against Bitcoin and Ethereum, indicating strong investor preference. As Bitcoin's dominance sees some shifts, altcoins like ENS are seeing increased inflows, with the cryptocurrency market currently in a phase of “extreme greed.”

Being a decentralized naming system on Ethereum that translates human-readable addresses into machine formats, ENS has a strong utility and Coinbase's backing, which is likely to help it capitalize on the altseason hype.