Ethereum Name Service Price Prediction: Will ENS Domains Surge in 2023?

• Ethereum Name Service (ENS): Quick Introduction
• ENS: Working Module And Roadmap
• Ethereum Name Service Price Prediction: Price History
• Ethereum Name Service Price Prediction: Technical Analysis
• Ethereum Name Service Price Prediction By BlockchainReporter
• Ethereum Name Service Price Prediction 2023
• Ethereum Name Service Price Prediction 2024
• Ethereum Name Service Price Forecast 2025
• Ethereum Name Service Price Prediction 2026
• Ethereum Name Service Price Prediction 2027
• Ethereum Name Service Price Prediction 2028
• Ethereum Name Service Price Prediction 2029
• Ethereum Name Service Price Forecast 2030
• Ethereum Name Service Price Prediction 2031
• Ethereum Name Service Price Prediction 2032
• Ethereum Name Service Price Prediction: Experts’ Opinions
• Is ENS Token A Good Investment? When Should You Buy?
• Conclusion

Ethereum Name Service (ENS) is a revolutionary system built on top of the Ethereum blockchain that enables users to create human-readable domain names for their Ethereum wallet addresses. In the traditional internet, domain names like google.com or facebook.com are used to make it easier for users to access websites without having to remember lengthy IP addresses. Similarly, the Ethereum Name Service allows users to create simple and memorable names for their crypto wallets, making it easier for them to receive and send cryptocurrencies. With the rising popularity of cryptocurrencies and the decentralized web, ENS is quickly becoming an essential tool for anyone who wants to interact with the Ethereum ecosystem in a more user-friendly and accessible way. Since its launch, the ENS token has been making headlines and is willing to surge more this year with a massive pump. Hence, our Ethereum Name Service price prediction aims to bring you an in-depth technical analysis of the ENS token to guide you through a profitable investment plan amid the market turmoil. 

Ethereum Name Service (ENS): Quick Introduction

In the world of cryptocurrency, wallets play a critical role in safeguarding funds. However, wallet addresses typically comprise lengthy strings of characters, making them susceptible to typos and other irreversible mistakes. Recognizing this issue, the Ethereum Name Service was created to offer a solution and simplify the process of sharing wallet addresses. By enabling users to create customized wallet addresses, similar to a social media handle or personalized URL link, the Ethereum Name Service provides an effortless way to share wallet information with others. This innovation has made interacting with cryptocurrency wallets more accessible and less prone to errors, making it a game-changer in the world of blockchain technology.

The Ethereum Foundation’s Nick Johnson and Alex Van de Sande spearheaded the initial development of the Ethereum Name Service. Recently, in November 2021, the project took a significant step forward by distributing ENS tokens to its user base and establishing a decentralized autonomous organization, or DAO, to oversee its operations. True Names Limited is the legal entity connected to the DAO. ENS token holders now have a similar level of control over the project as shareholders have over a company. They can make decisions related to pricing, protocol changes, and managing funds within the treasury. Let’s take a look at ENS’scurrent market details to clarify our Ethereum Name Service price prediction better. 

ENS: Working Module And Roadmap

The Ethereum Name Service (ENS) is a system that leverages smart contracts on the Ethereum blockchain to establish a mapping between human-readable domain names (e.g., “myname.eth”) and Ethereum addresses (e.g., “0x1234567890abcdef”). These mapping relationships are recorded in the ENS registry smart contract, a decentralized and open-source database, according to the whitepaper. 

To register a domain name on ENS, users must first create a new Ethereum address to serve as the domain’s owner. They must then pay a nominal fee in Ether (ETH) to cover the cost of registration. After payment, the name is added to the ENS registry and linked to the user’s Ethereum address.

Once a domain name is registered, it can be utilized to resolve Ethereum addresses, such as for conducting transactions or for resolving other resources like websites or decentralized applications. To use a domain name, the ENS resolver can be employed to look up the associated Ethereum address. This innovative solution provides users with an accessible and intuitive means of interacting with the Ethereum ecosystem, demonstrating the vast potential of blockchain technology.

While sharing similar objectives with the Internet’s Domain Name Service (DNS), the Ethereum Name Service (ENS) differs significantly in its architecture due to the unique capabilities and constraints of the Ethereum blockchain. ENS operates on a hierarchical naming system consisting of dot-separated domains, similar to DNS. Domain owners exercise full control over subdomains.

Smart contracts, referred to as registrars, own top-level domains like “.eth” and “.test” on the ENS platform. These registrars establish regulations that govern the allocation of their subdomains. Users may obtain domain ownership by adhering to these registrar contract rules. Additionally, ENS enables users to import their DNS names, already owned by them, for use on the ENS platform. This architecture empowers users with greater control over their online identities while also promoting the democratization of domain name ownership. The ENS system’s flexibility and ability to integrate with the DNS protocol represent a significant milestone in the development of blockchain technology.

Ethereum Name Service Price Prediction: Price History

The ENS token has previously enjoyed substantial price momentum, but recent highly volatile price swings have caused some investors to question its potential. Hence, it is important to examine ENS’s price history and gain a general understanding of its future price projections. Nevertheless, it must be emphasized that relying solely on past price trends is an unreliable method for predicting the future value of the Ethereum Name Service.

The Ethereum Name Service (ENS) coin has been openly traded since the end of 2021. Its launch price on 9 November of that year was $33.66, and although it briefly dipped to an intraday low of $22.92, it rebounded to close at $43.66. However, the cryptocurrency market’s volatility, if not necessarily that of the ENS token itself, soon became evident as the coin quickly reached an all-time high. On 10 November, just a day after it debuted and hit a new low, the token surged to an intraday high of $84.78. In the space of approximately 24 hours, it had nearly quadrupled in value.

This meteoric rise was due in part to some positive news received by early adopters of the coin. On that same day, ENS airdropped crypto into the wallets of those who held the service’s wallet domain names as of 31 October. As a result, some individuals saw substantial gains, generating significant interest in the token. The following day saw another high reached, with an intraday peak of $85.69 becoming the current all-time high. Throughout November 2021, the Ethereum Name Service token experienced fluctuations in its value, making any Ethereum Name Service price prediction difficult. After hitting an all-time high on 10 November, the token saw some pullback and fluctuated between the $30s and $50s. However, a sudden bull run in late November caused the token to surge from an intraday low of $46.01 to an intraday high of $83.54, representing a remarkable increase of over 80%.

However, the ENS token sparked a solid bearish trend. After reaching its all-time high in November 2021, the Ethereum Name Service coin experienced a decline in value. By 7 January 2022, it had fallen below its launch price and continued to decline. Although it briefly rebounded on 16 February, hitting an intraday high of $18.54, it soon fell again. Market concerns surrounding Russia’s invasion of Ukraine caused the coin to reach its lowest point on 24 February, when it traded at just $12.01.

In late March and early April of 2022, Ethereum Name Service experienced a bullish run, peaking at an intraday high of $21.19 on 3 April. However, the coin’s value soon decreased, reaching a low of $13.55 on 11 April following China’s crypto ban announcement. Despite some recovery, the depegging of UST and the collapse of LUNA caused a crypto-wide slump, and on 12 May, ENS hit an all-time low of $7.41. However, it rebounded slightly to close the month at $11.85.

Unfortunately, the downward trend continued, and on 14 June, ENS dropped to a new record low of $7.40, as the cancellation of withdrawals on the Celsius crypto lending platform confirmed the bear market. There was some recovery afterward, with ENS breaking through the $10 mark on 7 July and continuing to grow throughout the month, reaching a high of $16.39 on 28 July. Early August saw more growth, with ENS topping off at $18.14 on 6 August, before settling around $15 on 18 August. Due to FTX’s collapse and bankruptcy filing, the ENS token experienced a severe downturn as it dropped to a low of $10.49 on 17 November. However, it has made a slight recovery to the $16 level since then. 

Ethereum Name Service Price Prediction: Technical Analysis

The Ethereum Name Service (ENS) token has been experiencing high levels of uncertainty since its price plummeted in November. The recent market turmoil, brought on by the SEC’s scrutiny of the crypto industry, has further driven the bearish rally. On 21 February, the ENS token saw a sharp drop of over 8%, resulting in a long red candle. Despite the current market hurdles, the ENS network’s development team promises a strong Web3 address infrastructure with optimistic fundamentals. Additionally, the ENS community remains positive about the token’s potential, given its previous impressive price rally. Our ENS token technical analysis seeks to provide a comprehensive analysis of the current market trend, using advanced technical indicators to assist investors in choosing a profitable investment plan.

After a minor retracement to a 23.6% Fib level, the ENS coin is expected to show a solid bullish momentum on its 1-day price chart in the coming weeks. Although the token had experienced gradual price growth this year, recent regulatory scrutiny caused high fluctuation and sell offs from whale investors, leading to its bearish trend after a fake breakout near its fundamental resistance level of $18 on 20 February. According to CoinMarketCap, the ENS token is currently trading at $16.58, with a gain of over 4% from yesterday’s price. The ENS token formed support below its 0.31 Fib levels after making a low of $15.65 near the EMA-20 trend line. While the RSI-14 indicator is moving around a neutral territory at 59 after being rejected at a bullish region of 67, the ENS coin’s falling wedge pattern indicates a potential for further bearish trend extension. However, the BoP indicator trades in a slight positive region of 0.62, which may soon initiate an upward correction for ENS after its downtrend.

According to our ENS technical analysis, the current bearish trend in the market is expected to reverse soon as Bitcoin’s price approaches $30K, which significantly impacts the altcoin market. The ENS price chart shows strong selling pressure from bears, which could cause the digital asset to test its support level below the 61.8% Fib level at $15. The MACD line has been creating bearish divergence with the price trend for several days, indicating further downward pressure. The Bollinger bands in the price chart are widening, with the lower limit at $15.23 acting as a crucial support level. If the ENS token drops below $15, it could fall further to trade near the bottom level of $13.3. On the other hand, if the price breaks above the upper limit of the Bollinger bands at $18.1, the ENS token could skyrocket to its next resistance level at $20.4. We anticipate that the ENS token will retrace the downtrend and retest its support level at $15.61 before making any further upward movement to new highs by the end of the month. 

Ethereum Name Service Price Prediction By BlockchainReporter

Ethereum Name Service Price Prediction 2023

Based on our technical analysis of historical price data, we predict that in 2023 the price of Ethereum Name Service will range from a minimum of $22.97 to a maximum of $26.68, with an average trading price of $23.63.

Ethereum Name Service Price Prediction 2024

We predict that in 2024, the price of Ethereum Name Service will range from a minimum of $33.06 to a maximum of $38.93, with an average price of $34.00.

Ethereum Name Service Price Forecast 2025

Our analysis indicates that in 2025, the price of Ethereum Name Service will range from a minimum of $48.18 to a maximum of $56.62, with an average trading price of $49.88.

Ethereum Name Service Price Prediction 2026

We expect the price of 1 Ethereum Name Service to range from a minimum of $70.48 to a maximum of $82.02, with an average price of $72.48 throughout 2026.

Ethereum Name Service Price Prediction 2027

Our forecast suggests that in 2027, the price of Ethereum Name Service will range from a minimum of $100.38 to a maximum of $122.68, with an average forecast price of $103.27.

Ethereum Name Service Price Prediction 2028

Based on our technical analysis of historical price data, we predict that in 2028, the price of Ethereum Name Service will range from a minimum of $144.88 to a maximum of $172.53, with an average trading value of $150.05.

Ethereum Name Service Price Prediction 2029

We predict that in 2029, the price of Ethereum Name Service will range from a minimum value of $220.63 to a maximum value of $252.52, with an average trading price of $226.64.

Ethereum Name Service Price Forecast 2030

Our analysis indicates that in 2030, the price of Ethereum Name Service will range from a minimum price value of $321.14 to a maximum price value of $377.55, with an average value of $332.48.

Ethereum Name Service Price Prediction 2031

We predict that in 2031, the price of Ethereum Name Service will range from a minimum value of $474.49 to a maximum value of $560.19, with an average trading price of $487.79.

Ethereum Name Service Price Prediction 2032

Our forecast suggests that in 2032, the price of Ethereum Name Service will range from a minimum of $703.09 to a maximum of $831.45, with an average forecast price of $722.61.

Ethereum Name Service Price Prediction: Experts’ Opinions

According to Digital Coin Price’s ENS price prediction, the token is poised for an upward swing in the next few years. The website predicts that the price of Ethereum Name Service (ENS) may surpass the level of $36.15, with a potential maximum price of $38.37. However, it is also predicted to maintain a minimum price level of $35.34 in 2024. 

In 2032, the anticipated trend for ENS is to surpass the $310.94 level. It is projected that Ethereum Name Service will have a minimum fee of $309.87 by the end of the year, with the potential to reach a maximum level of $312.59. 

CryptoPredictions.com’s Ethereum Name Service price prediction states that the ENS token is forecasted to commence in March 2023 at $16.334 and conclude the month at $11.903. The projected maximum ENS price during March is $16.334, while the anticipated minimum price is $11.107. In 2027, the ENS token will reach a maximum price of $56.5 with a minimum price of $38.4. ENS token may attain an average trading price of $45.2. 

Is ENS Token A Good Investment? When Should You Buy?

The Ethereum Name Service (ENS) has been gaining significant traction in recent years, with domain registrations reaching new heights every quarter. This growth has sparked interest among investors who are considering the ENS token as a potential investment option. While the increasing adoption of ENS is certainly a positive sign, it’s important to note that the success of the project ultimately depends on the growth of its token use cases. At present, the primary use case for the ENS token is to register and manage domain names on the Ethereum network. While this is a crucial function, it may not be enough to sustain long-term value for the token. However, it is advised to invest in this token at a price of $12 for a stable return in the long term. 

Conclusion

Ethereum Name Service (ENS) is an indispensable component of the Ethereum ecosystem, making it more accessible, secure, and convenient for end-users. Its ability to link human-readable domain names to Ethereum addresses simplifies interactions with decentralized applications (dApps), transactions, and crypto assets and allows the creation of decentralized websites and applications. In addition, ENS plays a critical role in the DeFi and blockchain space, providing users with control over their online identity and protection against phishing scams. As an open-source project, ENS welcomes participation and contributions from anyone interested in its development. With its increasing domain registrations and potential use cases, ENS could be a wise investment choice for those looking to invest in the growing blockchain space. However, it is advised to do your own research and conduct investment advice before investing in the volatile crypto market. 

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