Ethereum Name Service (ENS) Faces 30% Price Correction, Bearish Trend Looms

Share on Facebook Share on Twitter

ENS Price Corrects by 30% – Experts Predict Difficult Times

The price of Ethereum Name Service (ENS) has experienced a correction of 30%. This could indicate an impending challenge for the cryptocurrency. Between January 1 and 14, ENS recorded an impressive increase of 191%, with the price rising from $9.44 to $27.54. However, the price has since fallen to $19.15.

Fibonacci Retracement Levels Could Provide Insight

The Fibonacci retracement levels could potentially indicate a price recovery. These levels have shown that the $18.48, $16.34, and $13.29 represent significant support levels. An aggressive interpretation of the market structure suggests a bearish trend. However, the RSI (Relative Strength Index) is above the neutral value of 50, indicating buying pressure.

Selling Pressure and Profit Taking Could Push Price Further

The On-Balance Volume Indicator (OBV) has significantly decreased over the past week, thereby indicating selling pressure on ENS. In addition, increased profit-taking could further lower the price. The average coin age showed an upward trend in December but was interrupted in recent weeks as prices rose quickly. This suggests that ENS holders are likely selling their tokens.

alert-circle
You can also find us on Telegram: Click here to follow our Telegram channel.

Increased Supply on Exchanges Signals Possible Selling Pressure

The supply of ENS on exchanges has also greatly increased. This could indicate increased selling pressure as holders move their tokens to centralized exchanges. These metrics suggest that the ENS rally may be coming to an end.

MVRV Ratio Reaches Two-Year High

The MVRV ratio (Market Value to Realized Value) has reached a high not seen in the last two years. This led to a rapid sell-off and the MVRV ratio also fell. This suggests that holders wanted to realize their profits. Despite the pullback, the MVRV value is still high at 30.6%, suggesting that the token may be overvalued.

Closing Thoughts

The information in this article does not represent financial, investment, trading, or any other type of advice and is solely the opinion of the author. It is always advisable to conduct thorough research before making an investment and, if necessary, to seek professional advice.

Source: AMBCrypto, TradingView, Santiment

Share on Facebook Share on Twitter

The 3 best cryptocasinos

Up to 1 BTC + 100 Free Spins
First Deposit Bonus
9.9
/ 10
Very good
Play now

T&Cs Apply, 18+

Bets.io review
Cryptocurrencies (12)
  • Bitcoin Logo
  • Ethereum Logo
  • Litecoin Casino
  • usd-coin-logo
Bets.io review

Bonus information

Bonus code: BETSFTD
Wagering requirements: 40x the bonus amount
40x the winnings from free spins
Minimum deposit: 20 USDT or equivalent
Bonus validity: 14 days
  • Maximum bet per round while wagering: 2 USDT – 0.000066 BTC , 0.01 BCH, 0.0011 ETH, 0.02 LTC, 40 DOGE, 2.8 XRP, 25 TRX, 6.6 ADA, 0.008 BNB, 2 BUSD, 2 DAI, 2 EUR – 2 USD.
  • Bonus must be used within 30 days of registration.
Why we like this casino

Bets.io is an impressive crypto casino that boasts a variety of games and renowned software providers. The website is easy to use and offers a wide selection of games, which makes the gaming experience particularly enjoyable. Furthermore, the customer service is available 24/7. They are highly competent, ensuring a reliable and trustworthy service.

Last update by Isabella Brown (iGaming expert for > 10 years) on 1. March 2024
Curaçao
Licence
100% up to 1 BTC
Welcome Bonus
9.9
/ 10
Very good
Play now

T&Cs Apply, 18+

Metaspins review
Cryptocurrencies (9)
  • Bitcoin Logo
  • Ethereum Logo
  • Litecoin Casino
  • usd-coin-logo
Metaspins review

Bonus information

Wagering requirements: 25x deposit & bonus
Minimum deposit: 0,1 mBTC
Bonus validity period: 7 days
  • Bonus & deposit must be wagered 25x
  • Max amounts: 1 BTC/10 ETH/10,000 USDT/10,000 USDC/100 BCH/200,000 TRX/35,000 ADA/150 LTC/125,000 DOGE
  • 7 days to wager
  • Minimum deposit: 0.1 mBTC
  • Slots 100%, game shows 50%, other 0%
Why we like this casino

Metaspins is still a very young crypto casino, but it can already convince with a very modern website, a good selection of games and, above all, an excellent bonus.

Isabella Brown
Last update: 1. March 2024
100% up to 1 BTC + 100 Free Spins
Welcome bonus
9.9
/ 10
Very good
Play now

T&Cs Apply, 18+

Empire.io review
Cryptocurrencies (9)
  • Bitcoin Logo
  • Ethereum Logo
  • Litecoin Casino
Empire.io review

Bonus information

Bonus Code KC100
Wagering requirements Bonus must be wagered 40x
Winnings from free spins must be wagered 40x
Minimum deposit 30 USDT or equivalent
Maximum bet €5 per round
Bonus currency Only with BTC and USDT deposit
  • The free spins are given on Sweet Bonanza.
  • VERY IMPORTANT: The bonus is only available when depositing with these methods: BTC & USDT.
  • To take advantage of the offer, change your wallet to mBTC (μBTC) or USDT and activate the bonus by clicking on “Redeem Bonus” and entering the bonus code.
  • Only the first deposit counts for the bonus.
Why we like this casino

We absolutely recommend Empire.io since it has one of the best crypto teams we know behind it. On top of that, it offers an extensive selection of slots and live games. The bonus is also exceptional with good conditions.

Last update by Isabella Brown (Nerd of Numbers) on 1. March 2024
Curaçao
Licence

Latest News

Isabella Brown

Created by

Online Gambling, Greece and my dog Gringo are my three favorite things in my life. Before working for Kryptocasinos.com I was leading the content team of an iGaming Online magazine where I was focused on researching casinos, their licenses and the connection between the members of the industry.
Reviewed by
Nerd of Numbers

Last update: 19. February 2024

🍪
We use cookies. By using this site, you accept them.