Ethereum Name Service (ENS) Price Eyes Potential Breakout Amid Exchange Outflows and Key Liquidity Zones
Main Idea
Ethereum Name Service (ENS) price surged over 60% from $18 to $30 due to significant token withdrawals from exchanges, with key liquidity zones between $26 and $34 influencing potential breakout or correction.
Key Points
1. Over 250,000 ENS tokens were withdrawn from major exchanges, reducing sell pressure and contributing to the price surge.
2. ENS price is consolidating near $30, supported by bullish technical indicators like the Chaikin Money Flow (CMF) at 0.1, but faces resistance that may limit immediate gains.
3. If ENS sustains above $30, it could rally toward $45, with potential to surpass $50 if bullish momentum continues; failure to hold support may lead to a retracement toward $26.
4. Liquidity is concentrated between $26 and $34, with high liquidity near $32–$34 potentially triggering upward momentum, while low liquidity below $29 could lead to downside risk.
5. Traders are monitoring these liquidity zones closely to gauge the next price direction, with potential for a breakout or correction.
Description
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