The Ethereum Name Service (ENS) token experienced a significant price surge, climbing over 60% from approximately $18 to near $30. This bullish move was largely fueled by substantial withdrawals of ENS tokens from major cryptocurrency exchanges, exceeding 250,000 tokens. These withdrawals effectively reduced immediate sell-side pressure in the market.
Technical indicators like the Chaikin Money Flow (CMF), currently reading 0.1, reflect ongoing accumulation, supporting the current consolidation phase near the $30 level. However, resistance is anticipated near this price point, potentially restricting the immediate upside potential for the token.
Analysts highlight two key price scenarios depending on whether support holds. Should ENS manage to sustain a trading price above $30, the next target could be an ascent towards $45, with the possibility of extending beyond $50 if bullish sentiment persists. Conversely, a failure to maintain support could trigger a retracement down towards the $26 support zone.
Market liquidity is seen as a critical factor influencing the price trajectory. Significant liquidity concentrations exist between the $26 and $34 levels, with high liquidity noted particularly within the $32–$34 range. This high liquidity zone carries the potential to accelerate upward momentum should the price rally resume.
Downside risk is associated with areas of lower liquidity observed below $29, which could exacerbate selling pressure if the price declines. Traders and analysts are closely scrutinizing these key liquidity zones between $26 and $34 to predict the asset’s next significant move, which could result in either a decisive breakout or a corrective pullback.