Ethereum Name Service (ENS) Eyes Resistance at the $22.00 Price Level

Ethereum Name Service buyers finally find a foothold at the $16.00 mark. Subsequently, there has been a quick upside price correction towards higher price marks. Furthermore, price behavior suggests that considerable traders are still bullish in this market, and more increases may be recorded.

ENS Statistics:
Current ENS Value: $20.23
Ethereum Name Service Market Cap: $619,186,737
ENS Circulating Supply: 30,743,260
Ethereum Name Service Total Supply: 100,000,000
ENS CoinMarketCap: 100

Key Price Levels:
Resistance: $20.23, $21.50, and $22.50
Support: $20.00, $18.00, and $16.00

ENS Bulls Show Determination to Keep Their Gains at This Point

During the past three trading sessions in the Ethereum Name Service daily market, upside forces returned to this market. This occurred after a protracted downward correction, which brought the market towards the $16.00 mark. But as soon as the price action tested the support at the $16.00 mark, a sharp upside correction resulted. Today’s trading session has been considerably profitable, looking at the length of the corresponding price candle. Via it, price action has risen back above the 21-day Moving Average (MA) curve. While this has occurred, a bullish crossover has been displayed on the Stochastic Relative Strength Index (SRSI) indicator. Examining the ensuing lines of the SRSI after the crossover shows that bulls are still very formidable in causing more price increases since it is not too extended at this point.

Ethereum Name Service Bulls Stay Strong Above the 21-Day MA

Price activity in the ENS market has reached a significant height above the 21-day MA line. However, it seems buyers are already facing rejection at this point. This has impeded further upside corrections in the 4-hour market. Nevertheless, looking at the two most recent red-price candles on this chart, we can see that downward forces aren’t having it easy either, as they are trying to resist tailwinds. To that effect, a crossover has been delivered in the overbought region but seems to be pointing sideways rather than downwards following the crossover. As it stands, traders can choose to stay bullish towards the $21.00 and $22.00 marks, but they must position an exit at a convenient price level as a precaution for a good crypto signal.

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