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FxWirePro- ENSUSD (Chart of the day)

Wed, 19 Jun 2024, 02:41 am UTC

The Ethereum Name Service (ENS) is a distributed, open, and extensible naming system based on the Ethereum blockchain.ENS’s job is to map human-readable names to machine-readable identifiers such as Ethereum addresses, other cryptocurrency addresses, content hashes, and metadata.

ENSUSD showed a minor sell-off after a nice pullback.

Any daily close above $30 confirms further bullishness.

ENSUSD pared some of its gains in this week after a nice pullback of more than 15%. The pair holds well above the short-term (21 and 55 EMA) and long-term moving average. It hit a low of $20.20 and is currently trading around $22.89.

The bullish invalidation can happen if the pair closes below $15. On the lower side, the near-term support is $18. Any break below the target is $17/$15. Any violation below $15 targets $12.50/$10.

The immediate resistance stands at around $25. Any breach above confirms bullish continuation. A jump to $27.50/$30 is possible. A surge past $30 will take it to $34.75/$46.

It is good to buy on dips around $20 with SL around $15 for TP of $27/$34.

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