We have had very hard times in recent weeks as Bitcoin (BTC) fell below its previous all-time high of $20,000 and it pushed virtual currencies lower. The bear market could have found a bottom and the crypto industry continues to expand despite the recent price action.
Ethereum Name Service (ENS) is one of the virtual currencies that could skyrocket in the future if there is a new bull market. But what can we expect from it? In the next sections, we tell you all about Ethereum Name Service, including what experts are saying about ENS price prediction.
Ethereum Name Service is known for being the most popular decentralized naming system that runs on the Ethereum blockchain, this is why it has the word “Ethereum” on its name. The goal of having an Ethereum Name Service helps the blockchain network become more user friendly by allowing Ethereum addresses to be represented as human-friendly names.
For example, an Ethereum address example could be the following 0xb794f5ea0ba39494ce839613fffba74279579268. This is quite difficult for people to remember these addresses and re-use them over time. Therefore, with Ethereum Name Service, users can re-name these addresses to, for example, example.eth. That’s much easier to remember and re-use over time.
But what has recently happened with Ethereum Name Service? There have been continuous upgrades over the last months that include the activation of ENS L2/Offchain integration, improved support for EVM-Compatible chains, and a workshop that took place at the end of 2021.
When it comes to price, we have seen that the virtual currency hit an all-time high at the end of 2021 as the whole crypto space was reaching new highs. Indeed, then ENS entered a bear trend as did most altcoins in the crypto market. Despite that, it remained among the top 200 virtual currencies in the market.
These were the highest prices registered by ENS in the last few months:
- November 2021 high: $74.09
- December 2021 high: $81.69
- January 2022 high: $48.57
- February 2022 high: $22.75
- March 2022 high: $18.71
- April 2022 high: $20.86
- May 2022 high: $26.30
- June 2022 high: $12.58
These have been ENS’ lows over the last few months:
- November 2021 low: $29.1
- December 2021 low: $37.98
- January 2022 low: $16.33
- February 2022 low: $14.97
- March 2022 low: $12.32
- April 2022 low: $13.37
- May 2022 low: $7.88
- June 2022 low: $7.67
As the chart shows, there has been a strong push downwards due to the recent market downturn. Nevertheless, it should not be difficult for ENS to start recovering in the future. Let’s get into the details of Ethereum Name Service price prediction.
Different analysts have created some of the most reliable price predictions for Ethereum Name Service and this is what they believe about the future of this virtual currency:
- According to RLinda, ENS is a relatively new coin that has a large potential to start growing in the future. The analyst says that this coin trades quite confidently and it has been changing from a downtrend to an uptrend for some days in early May. Nowadays, we see that the coin is struggling to break through $12.93, which should be a very important resistance level to break before moving even higher.
- This trading expert shows that the virtual currency could soon start a new bull trend that would push its price above $15 and that would require the whole crypto market to start recovering after the most recent sell-off. In order for ENS to start moving higher, it would have to break through $12 and $13.20.
- This analyst considered that there was a possibility for ENS to start a move higher after breaking through a symmetrical triangle. However, when the symmetrical triangle ended, the price of the virtual currency moved downwards and it stayed there for some days. Therefore, we now need to see what will happen with the rest of the crypto market to see whether there is a chance for ENS to recover.
- For this trader, there was a possibility for ENS to move towards the $90 target in the next few weeks. However, the virtual currency took the contrary direction and it fell below $10, after what he called a large accumulation phase.
- Finally, this analyst shows that ENS is being supported by the $7.10 price region and that there could be a push towards $19,87 in the coming months. It would be very important for the whole crypto industry to start recovering as soon as possible for this price prediction to play out.
ENS is an ERC-20 token that runs on the Ethereum blockchain and that is the native currency to the Ethereum Name Service protocol. The ENS token has been released to the market via an airdrop and it can be used as a governance token and on the Ethereum Name Service protocol to perform different activities.
This virtual currency, therefore, serves two main purposes:
- Power the Ethereum Name Service protocol
- Allow market participants to govern this network
Other use cases could be added in the future if this project continues to expand in the cryptocurrency market.
With the most recent price action that the whole cryptocurrency market experienced, it would be certainly necessary for ENS to start moving higher if it wants to attract a larger number of investors. Additionally, if more users start relying on the services offered by this protocol, there could be an increase in the demand for this coin.
If these things happen, then we could see ENS breaking its all-time high. However, this might not happen in 2022. In 2022, it is highly possible for this virtual currency to start a period of accumulation that could end with its price doubling or even tripling in the future. However, it is very important to closely follow the whole crypto market and understand which is the general trend of digital currencies.
Yes, ENS price could reach $100 in the future if the market starts a new bull run and ENS proves to be a reliable and useful virtual currency for the Ethereum community. Moreover, it would be quite important for Ethereum to continue growing and expanding. ETH 2.0 is a very important thing and milestone for this community and ENS could be highly impacted by it (positively and negatively).
The cryptocurrency market has many times shown that it is possible to see coins that grow as much as 10x, allowing investors to get access to cheap tokens and sell them at higher prices. Whether ENS will be able to reach $100 in the coming years remains to be seen, but it is certainly a possibility.
Based on the estimations made by analysts, these are some of the price predictions for ENS:
- ENS price prediction for 2022: $3 – $14
- ENS price prediction for 2023: $5 – $50
- ENS price prediction for 2024: $10 – $80
- ENS price prediction for 2024: $10 – $100+
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