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Ethereum Name Service Price Prediction: Cup & Handle Pattern Forming

 


Ethereum Name Service made headlines this week as investors focus on its popularity in the NFT industry. The ENS token is trading at $17.43, which is slightly below this week's high of over $20. It's still around 33% above its lowest level this year.


What is Ethereum Name Service?

Ethereum Name Service is a unique blockchain project aiming to disrupt the massive domain registration industry. The industry is now dominated by companies like GoDaddy and BlueHost.


The traditional industry is very unfavorable for end users. For one, a centralized website host can decide to censor or delist a domain that publishes content it disagrees with. The concept can also become very expensive for the end user in the long term.


Ethereum Name Service uses a decentralized autonomous organization (DAO) to offer these services. Also, users don't pay an annual fee, they just make a one-off payment, which is a cost-effective process.


In addition, Ethereum Name Service uses the concept of NFTs. In the last few days people have been buying NFTs with 3 and 4 digit numbers that have an .eth suffix. According to OpenSea , the volume of Ethereum Name Service NFTs has increased significantly over the past few days. It's up over 2,000% in the past seven days.


Another reason why the ENS price has performed well is that the popularity of ETH domains has also increased in recent months. Analysts assume that this demand will continue to increase in the coming months.


In addition, it faces little competition in its industry. The only major competitor is Unstoppable Domains, which includes other domain extensions such as .crypto. and .x offers.

The four-hour chart shows that the ENS price has been in a strong uptrend for the past few weeks. A closer look shows that it is above the 25-day and 50-day moving averages. It has also formed a cup and handle (C&H) pattern, which is usually a bullish sign. The current drop is part of the grip range. At the same time, the stochastic oscillator has moved below the overbought level.


Therefore, there are chances that the Ethereum Name Service price will continue to increase in the next few days. In this case, the coin will keep climbing as bulls try to move above USD 20. 

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