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