Much attention has been focused on Ethereum Name Service (ENS) in recent days. Ethereum Name Service increased by 41% over the past week, signalling a solid uptrend with further upside potential. In a broader sense, ENS headed up nearly 14% over the past 30 days, testifying to this token’s sheer resilience and growth potential.
This impressive surge can be attributed mainly to Bitcoin’s price rebound. The upward momentum that Bitcoin’s rise created for altcoins has given them room for losses to recover and set their eyes on new highs. With the lead set by this top cryptocurrency, Ethereum Name Service and other altcoins follow through in a continuum, further benefiting from renewed investor confidence.
Currently, Ethereum Name Service stands at $31.90, with a trading volume of $1.17 billion within the last 24 hours and a market capitalization of $1.00 billion. In the past 24 hours, Ethereum Name Service has added 10.54% to its value, additional backing for what is already an extraordinary cryptocurrency market player.
Analyst Sees Potential for $120 for Ethereum Name Service (ENS)
Crypto analyst Matthew Hyland believes in an optimistic price trajectory for the Ethereum Name Service (ENS). As per Hyland, if it breaks out from its current levels, Ethereum Name Service will reach as high as $120. Hyland’s bullish prediction came from ENS’s recent performance.
The analyst mentioned that he had recommended this to his Patreon subscribers when it was $17.50, exactly on the night of the ETH ETF approval a few weeks ago. Unaffectedly, with ENS currently trading at around $30 and showing every sign of attempting a breakout, this recommendation has paid off.
Hyland’s insights and predictions give further weight to the growing confidence placed by the crypto community in ENS. His price target of $120 foreshadows a substantial upside potential from current levels, so it has emerged as one of the cryptocurrencies investors will watch over the next few months.
As ENS values surge, many opportunities emerge within the crypto market, gaining optimism from well-esteemed analysts like Hyland. The eyes of investors and enthusiasts are fastened on Ethereum Name Service, hoping for more significant gains as the market evolves.
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