Ethereum Name Service (ENS) Price Pulls Back After Testing Support at $7.080

Most cryptos are still struggling with the negative effects of the struggle between Binance and the SEC. However, some have been able to gather momentum against the trend, eventually making them perform better than others. The ENS price, for example, had moved 2.15% on the day. Let’s see if more favorable movement may occur in this market.

ENS Value Now: $7.689
Ethereum Name Service Market Cap: $38M
ENS Moving Supply: 28,611,882.93
Ethereum Name Service Total Supply: 100,000,000
Ethereum Name Service CoinMarketCap Ranking:113

Major Price Levels:
Top: $7.700, $7.800, and $7.900
Base: $7.689, $7.589, and $7.489

ENS Is Trying to Exit a Bearish Path

As earlier mentioned, most cryptos are on a downtrend due to some unfavorable fundamentals surrounding the sector. Nevertheless, the ENS price has started making moves to abate its price downtrend after its price action tested the support price level at 7.080. Although the last price candlestick on this chart remains below the 9- and 21-day Moving Average (MA) curves, it could be seen that it appears much more sma6 than the previous bearish one. This suggests prices have retreated upward. Meanwhile, the Moving Average Convergence Divergence (MACD) indicator lines continue to trend downward, indicating that this market has a bearish tone.

Ethereum Name Service (ENS) Price Actions Reflect Upside Gains

Moving to the 4-hour ENS market, the nature of the price upside retracement is revealed. It could be seen that over the past two trading sessions, the price had retraced minimally upwards. Consequently, this has pushed prices toward the 9-day Moving Average (MA) curve. However, the last price candle here is a bearish doji price candle. This suggests that upside and downside forces are engaged in a fierce battle. Meanwhile, the MACD indicator seems to be showing that downward forces are losing strength. By implication, this suggests that upside forces may extend profits above the 9-day Moving Average lines. Consequently, traders can anticipate a retracement of the $8.000 price level in this market.

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