The Reason Ethereum Name Service (ENS) Exploded by 20% Today

According to data from Coingecko, the Ethereum Name Service (ENS) native token has experienced significant price surges in recent days, gaining over 20% in value within the last 24 hours.

These gains are driven by increasing excitement surrounding the upcoming ENSv2 upgrade, which aims to enhance the efficiency and scalability of the naming service.

ENS Token Gains Massively

ENS, the native token of the Ethereum Naming Service, has experienced significant price surges, particularly in the last 24 hours. According to Coingecko’s chart analytics, ENS moved from a low of approximately $26, a critical resistance level since May 2022, to a peak of about $33.1, representing nearly a 30% increase. At the time of writing, ENS has slightly decreased to around $31.6, still over 21% higher than its value on Sunday.

Chart analysis shows that ENS has gained over 42% in price over the past seven days, rising from a low of $22. The price surge accelerated on June 30, leading into July 1. Despite this strong performance, ENS is still trading 62% below its all-time high of over $83.

Following this substantial increase, ENS is $10 million shy of achieving a market cap of $1 billion, entering the “billionaires club.”

On Monday, July 1, crypto analyst Javon Marks shared an analysis of ENS price action on X, highlighting the potential for the token to reach the $76.121 target following its breakout. Marks noted that ENS is creating new post-breakout highs, suggesting that a continued breakout could result in an additional 138% increase, potentially propelling the token to the $76.121 target swiftly.

$ENS (Ethereum Name Service)’s price surges, creating new post-breakout highs on a major candle here towards the $76.121 target!

As a breakout holds keeping this target remains in play, another +138% upside could be on the way for ENS, and it may come in quickly… https://t.co/wtnuNL4STs pic.twitter.com/l2lKFZjBtc

— JAVONMARKS (@JavonTM1) July 1, 2024

Javon has been actively monitoring ENS prices, noting a significant break from a 726-day resistance trend. A few days later, the analyst tweeted, “ENS (Ethereum Name Service) continues to recover here and can still be set for an over 180% upside to the target at $76.121!”

ENS Prepares for ENSv2 Upgrade

ENS began showing signs of redeemability in mid-June after extended periods of up-and-down movements. However, more stronger price actions have been seen since the recent announcement by the crypto naming service provider of ENSv2.

Per their blog post, the new version aims to improve ENS’s affordability, flexibility and scalability.

The ENSv2 upgrade was first announced in May, leading to a substantial price performance. Till now, the developers have yet to announce the exact timing of the launch of this upgrade.