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Ethereum Name Service (ENS) Profits Halt Amid Bearish Cues

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Ethereum Name Service (ENS) price has painted a red candlestick on the daily chart while attempting to close above $26.

The profits the investors accumulate seem to be saturating the market, creating unfavorable conditions.

Ethereum Name Service Reception Weakens

Over the past ten days, the ENS price registered a massive rally, which resulted in the total supply in profit crossing 90%. This marked a market top for ENS. A market top is the highest point in a market cycle before a significant downturn begins. It represents the peak of asset prices before they start to decline.

Generally, this market top is formed when the total supply of profit of an asset crosses 95%. However, in the case of this altcoin, this threshold has been observed at 90%. Historically, every instance of this threshold being breached has been followed by correction.

The same could occur this time around as about 92% of all ENS is profitable currently.

ENS Supply in Profit.
ENS Supply in Profit. Source: Santiment

As a consequence of this saturation, the possibility of profits that lay with the investors is about to be lost as well. According to the Global In/Out of the Money (GIOM) indicator, close to 5.56 million ENS worth $144 million will remain at a loss.

This supply bought between $24.9 and $28.8 could have become profitable; however, the market’s top decline led to investors losing this shot.

Read More: Ethereum Name Service (ENS): Everything You Need To Know

ENS GIOM.
ENS GIOM. Source: IntoTheBlock

ENS Price Prediction: Decline Seems Likely 

ENS’s price at $24.8 fell below the support at $26.0 after failing to secure support for the third time this year. Given the last attempt failed, the altcoin slipped to $19.2; it would not be surprising to see the same this time.

The chances of falling to $23 and losing this support to $20.9 are high. Should the investors move to secure their profits, they could begin selling. This would lead to further decline, sending the altcoin to $19.2 again.

Read More: Ethereum Name Service (ENS) Price Prediction 2024/2025/2030

ENS Price Analysis.
ENS Price Analysis. Source: TradingView

However, a bounce back from either of the support levels could try to breach and secure $26.0 as support. If this is successful, the bearish thesis would be invalidated, giving room to profits.

Disclaimer

In line with the Trust Project guidelines, this price analysis article is for informational purposes only and should not be considered financial or investment advice. BeInCrypto is committed to accurate, unbiased reporting, but market conditions are subject to change without notice. Always conduct your own research and consult with a professional before making any financial decisions. Please note that our Terms and ConditionsPrivacy Policy, and Disclaimers have been updated.



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Solana (SOL) Rallies Strongly, Setting Sights on $200

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Solana started a fresh increase above the $172 support zone. SOL price is rising and might soon aim for a move toward the $200 level.

  • SOL price started a fresh increase after it settled above the $165 level against the US Dollar.
  • The price is now trading above $172 and the 100-hourly simple moving average.
  • There was a break above a key bearish trend line with resistance at $162 on the hourly chart of the SOL/USD pair (data source from Kraken).
  • The pair could continue to rise if it clears the $192 resistance zone.

Solana Price Starts Fresh Rally

Solana price formed a support base and started a fresh increase above the $162 level like Bitcoin and Ethereum. There was a strong move above the $165 and $172 resistance levels.

There was a break above a key bearish trend line with resistance at $162 on the hourly chart of the SOL/USD pair. The price even cleared the $185 level. A high is formed at $192 and the price is now consolidating gains. It is trading above the 23.6% Fib retracement level of the upward move from the $155 swing low to the $192 high.

Solana is now trading above $172 and the 100-hourly simple moving average. On the upside, the price is facing resistance near the $192 level. The next major resistance is near the $195 level.

Solana Price

The main resistance could be $200. A successful close above the $200 resistance level could set the pace for another steady increase. The next key resistance is $212. Any more gains might send the price toward the $220 level.

Another Dip in SOL?

If SOL fails to rise above the $192 resistance, it could start a downside correction. Initial support on the downside is near the $188 level. The first major support is near the $180 level.

A break below the $180 level might send the price toward the $172 zone or the 50% Fib retracement level of the upward move from the $155 swing low to the $192 high. If there is a close below the $172 support, the price could decline toward the $165 support in the near term.

Technical Indicators

Hourly MACD – The MACD for SOL/USD is gaining pace in the bullish zone.

Hourly Hours RSI (Relative Strength Index) – The RSI for SOL/USD is above the 50 level.

Major Support Levels – $188 and $185.

Major Resistance Levels – $192 and $200.



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Will Bulls Push It Higher?

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Este artículo también está disponible en español.

Ethereum price started a fresh surge above the $2,650 resistance. ETH is up over 10% and might aim for a move above the $2,850 resistance.

  • Ethereum started a fresh surge above the $2,650 resistance zone.
  • The price is trading above $2,700 and the 100-hourly Simple Moving Average.
  • There is a new connecting bullish trend line forming with support at $2,730 on the hourly chart of ETH/USD (data feed via Kraken).
  • The pair could continue to rise if it settles above $2,850 and $2,880.

Ethereum Price Extends Surge

Ethereum price started a fresh increase above the $2,550 resistance like Bitcoin. ETH was able to climb above the $2,550 and $2,650 resistance levels to move into a positive zone.

It even surged above the $2,720 level in the past few sessions, beating BTC. It is up over 10% and there was a move above $2,800. A high is formed at $2,848 and the price is showing signs of more upsides. It is holding gains above the 23.6% Fib retracement level of the upward move from the $2,357 swing low to the $2,848 high.

Ethereum price is now trading above $2,700 and the 100-hourly Simple Moving Average. There is also a new connecting bullish trend line forming with support at $2,730 on the hourly chart of ETH/USD.

On the upside, the price seems to be facing hurdles near the $2,850 level. The first major resistance is near the $2,880 level. The main resistance is now forming near $2,950. A clear move above the $2,950 resistance might send the price toward the $3,000 resistance.

Ethereum Price
Source: ETHUSD on TradingView.com

An upside break above the $3,000 resistance might call for more gains in the coming sessions. In the stated case, Ether could rise toward the $3,250 resistance zone.

Are Dips Supported In ETH?

If Ethereum fails to clear the $2,850 resistance, it could start a downside correction. Initial support on the downside is near the $2,800 level. The first major support sits near the $2,720 zone and the trend line.

A clear move below the $2,720 support might push the price toward $2,650. Any more losses might send the price toward the $2,550 support level in the near term. The next key support sits at $2,500.

Technical Indicators

Hourly MACDThe MACD for ETH/USD is gaining momentum in the bullish zone.

Hourly RSIThe RSI for ETH/USD is now above the 50 zone.

Major Support Level – $2,850

Major Resistance Level – $2,720



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Bitcoin Price Pushes Rally Further: Bulls in Full Force

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Bitcoin price is gaining pace above $74,000. BTC is trading in a bullish zone and might rise further above the $76,500 resistance zone.

  • Bitcoin started a fresh surge above the $73,500 zone.
  • The price is trading above $73,000 and the 100 hourly Simple moving average.
  • There is a connecting bullish trend line forming with support at $75,250 on the hourly chart of the BTC/USD pair (data feed from Kraken).
  • The pair could continue to rise above the $76,000 resistance zone.

Bitcoin Price Extends Rally

Bitcoin price started a fresh surge above the $73,500 level. BTC even cleared the $75,000 resistance and traded to a new all-time high. It posted a high at $76,457 and is currently consolidating gains.

There was a minor decline below the $76,000 level. The price dipped below the 23.6% Fib retracement level of the upward move from the $72,747 swing low to the $76,457 high. However, the price is still in a positive zone above the $73,500 level.

Bitcoin price is now trading above $74,000 and the 100 hourly Simple moving average. There is also a connecting bullish trend line forming with support at $75,250 on the hourly chart of the BTC/USD pair.

On the upside, the price could face resistance near the $75,800 level. The first key resistance is near the $76,000 level. A clear move above the $76,000 resistance might send the price higher. The next key resistance could be $76,500.

Bitcoin Price
Source: BTCUSD on TradingView.com

A close above the $76,500 resistance might initiate more gains. In the stated case, the price could rise and test the $78,000 resistance level. Any more gains might send the price toward the $78,800 resistance level.

Are Dips Supported In BTC?

If Bitcoin fails to rise above the $76,000 resistance zone, it could continue to move down. Immediate support on the downside is near the $75,250 level and the trend line.

The first major support is near the $74,150 level or the 61.8% Fib retracement level of the upward move from the $72,747 swing low to the $76,457 high. The next support is now near the $73,500 zone. Any more losses might send the price toward the $72,000 support in the near term.

Technical indicators:

Hourly MACD – The MACD is now gaining pace in the bullish zone.

Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now above the 50 level.

Major Support Levels – $75,250, followed by $74,150.

Major Resistance Levels – $76,000, and $76,500.



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