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The ENS daily market chart has revealed some interesting developments concerning price behavior. Despite the fact that the token’s price has increased by 6.21%, its price action remains relatively vulnerable to headwinds. Let’s take a more technical look at this situation.
ENS Statistics:
Ethereum Name Service Value Now: 7.98
ENS Market Cap: $237,122,915
Ethereum Name Service Circulating Supply: 29,617,026
ENS Total Supply: 100,000,000
Ethereum Name Service CoinMarketCap Ranking: 114
Major Price Levels:
Top: $7.98, $8.50, and $9.00
Base: $7.50, $7.00, and $6.50
Ethereum Name Service Bulls Pick a Stand in Their Half of the Market
On the ENSUSDT daily market, it could be seen that price action in this market had earlier challenged the price resistance mark at the 50 Fibonacci Retracement level. This mentioned level aligned with the $9.45 price level. Nevertheless, bulls lost this fight, and as a result, headwinds caused a downward retracement through the 61.80 Fibonacci Retracement level at the $8.90 price mark.
However, it appears that bulls have regrouped at their last line of defense and, as of today, have initiated an upside correction of 6.22%. Despite this, the Moving Average Convergence Divergence (MACD) indicator suggests that price action remains susceptible to further downward retracements. This can be seen as the indicator bars are now solid red while its lines maintain a downward trajectory below the equilibrium level.
ENS Bulls Are Fighting Hard Against Headwinds
In the Ethereum Name Service 4-hour market, it could be perceived that a downward correction has taken place following an upside correction that brought the price to the $8.14 mark. Despite this downward correction, it appears that bulls are still fighting on. The last price candle can be seen to have a longer shadow at its base than above it.
This communicates that bulls are still exerting some upside pressure, causing an upside retraction on the last price candle here. Likewise, the MACD lines are now oriented more sideways, while its bars are now pale red and getting shorter. Although price action has a bearish trajectory, It could be seen that downward forces are wearing out. But unless buying pressure increases here, price action may fall to support at $7.50 shortly.
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