ENS Price Surges 44.50% Following Coinbase CEO Brian Armstrong’s Endorsement
The Ethereum Name Service #ENS has gained attention, with its price increasing by 44.50% during the recent altseason. This rise is part of a broader altcoin rally, with ENS climbing over 100% in a few days.
Photo: CoinMarketCap
Coinbase CEO’s Endorsement Fuels Momentum
ENS's growth has been enhanced by an endorsement from Coinbase CEO Brian Armstrong. He emphasized the importance of decentralized identity solutions like ENS for the future of the digital economy. In a recent tweet, Armstrong identified ENS as essential to the "Internet of Money," highlighting its role in transforming financial services and digital identity. This endorsement has increased optimism surrounding ENS, indicating its potential significance in Web3 adoption.
ENS enables users to register human-readable names, simplifying blockchain interactions. With millions of ENS names registered, it is becoming crucial for digital identity.
ENS Rally Signals 250% Potential Gain
As of November 26, 2024, ENS is priced at $35.01, with a market cap approaching $1.20 billion. The 24-hour trading volume reached $2.56 billion, a 320% increase. This surge aligns with Ethereum's price increase of over 15% in the past week, surpassing $3,600. However, ENS remains approximately 59% below its all-time high of $85 from November 2021.
ENS is currently testing a critical resistance level at $40, which it has struggled to exceed since early 2022. Analysts suggest that breaking this resistance could lead to a rally, potentially pushing the price up to $82—representing a 250% gain. This prospect has fostered investor optimism, particularly during the ongoing altseason that has historically led to significant price movements in altcoins.
ENS's performance is improving relative to Bitcoin and Ethereum, indicating rising investor confidence. As Bitcoin's dominance fluctuates, altcoins like ENS are gaining traction, with inflows increasing as the cryptocurrency market enters a phase of extreme greed.