交易所
Web3
登入
註冊
掃描 QR Code 下載 APP
更多下載方式
語言&匯率
偏好設定
漲跌顏色
紅漲綠跌
綠漲紅跌
漲跌幅起始時間
24小時制
UTC 00:00
UTC+8 00:00
Web3
交易所
登入
註冊
更多
其他
ETH2.0升級
GT用戶權益
排行榜
跨鏈方案
服務
公告中心
日曆
上幣申請
Gate Grants
開發者中心(API)
財富管理
機構服務
VIP折扣方案
幫助
幫助中心
比特百科
比特幣減半
幣種資料
官方驗證渠道
熱點速遞
產品
兌換
通知
語言
简体中文
English
Tiếng Việt
繁體中文
Español
Русский
Français
Deutsch
Português (Portugal)
ภาษาไทย
Indonesia
Türkçe
日本語
عربي
Українська
Português (Brasil)
匯率切換
不使用匯率切換
不展示法幣價格
即時匯率
CNY - ¥
USD - $
VND - ₫
EUR - €
GBP - £
HKD - $
JPY - ¥
RUB - ₽
TRY - ₺
INR - ₹
NGN - ₦
UAH - ₴
BRL - R$
MYR - RM
PGK - K
THB - ฿
PKR - ₨
BDT - ৳
PHP - ₱
CAD - $
IDR - Rp
ZAR - R
PLN - zł
SAR - ﷼
ARS - $
AED - د.إ
KZT - ₸
EGP - E£
UZS - so`m
TWD - $
GHS - GH₵
VES - Bs
MXN - $
COP - $
XAF - Fr
XOF - FCFA
BYN - Br
KES - Ksh
MAD - د.م
TZS - TSh
SEK - kr
AZN - ₼
CLP - $
HUF - Ft
RON - lei
AMD - ֏
DZD - د.ج
NPR - रू
JOD - د.ا.
主題模式
漲跌幅起始時間
24小時制
UTC 00:00
UTC+8 00:00
漲跌顏色
紅漲綠跌
綠漲紅跌
UID:
最近30天交易量
0.00
USD
總資產
0.00
USD
切換帳號
資產
資金管理
資金總覽
充值
提現
劃轉
現貨帳戶
付款帳戶
帳單明細
GT持倉
帳戶結單
訂單
現貨訂單
統一帳戶訂單
現貨訂單
閃兌
個人中心
個人/企業認證
安全設定
卡券中心
卡券中心
任務福利
點卡管理
領取紀錄
推廣傭金
我的費率
API管理
子帳號管理
我的工單
平台通知
退出
全部終端
退出全部終端帳戶APP/PC/WAP
當前終端
退出當前網頁帳戶
Gate博客
加密貨幣新聞、熱點&行業洞察
博客首頁
市場洞察
行情資訊
行業探討
區塊鏈
比特幣
以太坊
NFT
DeFi
Web3
山寨幣
穩定幣
政策法規
熱點分析
加密教程
加密科普
交易指南
平台資訊
媒體報道
品牌快訊
CEO筆記
Gate Charity
機構專欄
最新活動
Gate.io AMA
Gate.io
博客
Ethereum Name Service (ENS) Struggles to Sustain Rally: A 2024 Price Analysis
Ethereum Name Service (ENS) Struggles to Sustain Rally: A 2024 Price Analysis
06月05日 15:42
English
日本語
[//]:content-type-MARKDOWN-DONOT-DELETE ![](https://gimg2.gateimg.com/image/article/1692587449analysis.jpeg) ### [TL; DR] After the United States’ approval of spot Ethereum ETFs the value of ENS rose by 43%. The ENS token faces a massive sell-off since it is in an overbought market state. The ENS price is likely to keep on rising since it is exhibiting a bullish momentum. ## Introduction The crypto sector has witnessed several important developments in 2024 including the launch of crypto spot ETFs and the
Bitcoin
halving event which should help the market to fully recover from the effects of the recent longest cryptocurrency winter. The United States [SEC approved spot bitcoin ETFs in January](https://www.gate.io/blog_detail/3707/bitcoin-etf-approval-analysts-weigh-in-on-implications "SEC approved spot bitcoin ETFs in January"). Recently it approved several spot ETH ETFs which may lead to capital inflow from the traditional financial sector into the crypto industry. This article covers how
Ethereum Name Service
([ENS](https://www.gate.io/blog_detail/398/what-is-ens-and-did "ENS")) tokens have benefitted from the launch of ETH ETFs. ## ENS's Recent Price Performance: Struggle to Break Past 2024 Highs As hinted above, on 23 May the United States approved the launch of spot Ethereum ETFs which has already impacted the crypto market. The markets of several digital assets such as the [Ethereum Name Service](https://www.gate.io/blog_detail/1503/what-is-the-ethereum-name-service-ens "Ethereum Name Service") (ENS) token reacted positively to that development. According to the on-chain ENS market analysis, the value of ENS surged by 43% within a 24-hour period that stretched between 23 and 24 May. We cannot fully attribute that price spike to the news of the launch of the ETFs since the bullish momentum began before the announcement of the U.S approval of spot ETH ETFs. The speculation for the ETFs approval, the endorsement of ENS by Vitalik Buterin, the Ethereum co-founder, as well as the broader market sentiment might have collectively [triggered the ENS price](https://www.gate.io/price/ethereum-name-service-ens/php "triggered the ENS price") spike. Broader Positive Development in the Ethereum Ecosystem: One of the key causes of the recent spike in the Ethereum Name Service token was the positive sentiment within the
Ethereum crypto
sphere. The [ENS price analysis](https://www.gate.io/price/ethereum-name-service-ens/ves "ENS price analysis") indicates that the positive sentiment enticed some influential ENS token investors to increase their investment in the token. One such ENS investor is Brantly Millegan, the former ENS Operations Director. It is most likely that Millegan’s recent investment in the ENS token has contributed to its bullish outlook. As a fact, Millegan has deposited 291,305 ENS in Coinbase since January this year as the next image shows. ![](https://gimg2.gateimg.com/image/article/17175730521.jpg) Source: x.com Millegan also deposited over 4.196 million ENS tokens into Coinbase during the third week of May. In spite of depositing such large amounts of the token in Coinbase Exchange Millegan still holds 373,000 ENS worth around $7.97M. Basically, the strategic buying and holding action by prominent investors like Millegan has helped to push the value of Ethereum Name Service Token high. Read also how to [buy ENS on Gate.io](https://www.gate.io/how-to-buy/ethereum-name-service-ens "buy ENS on Gate.io"). At the time of writing, the ENS token is trading at $25.14 after losing by 0.1% within the last 24 hours. Generally, though, the ENS tokens with a market capitalization of $790,583,645 and circulating supply of 31,477,146 has a bullish outlook. This is evident through its performance over the past one year. The following graph shows the ENS token price movement for that period. Read also: [ENS V2: Expanding ETH Domain Services to L2](https://www.gate.io/learn/articles/ens-v2-expanding-eth-domain-services-to-l2/3101 "ENS V2: Expanding ETH Domain Services to L2") ![](https://gimg2.gateimg.com/image/article/17175730992.jpg) ENS Token Price Movement: CoinGecko As observed on
The Graph
, the ENS token was bullish since 31 December 2023 when its price reached $9.89. The approval of spot bitcoin ETFs in the United States might have influenced its price to rise and reach $24.22 on 12 January. Ethereum ETF Approval: Of course, the approval of Ethereum ETFs in the United States has a great impact on the values of tokens that exist on the blockchain. Based on cryptocurrency trends 2024, what contributed much to the ENS price rise was the anticipation of the launch of the ETFs. There was much excitement in the crypto market after Eric Balchunas and James Seyffart, two renowned Bloomberg ETF analysts, raised the probability of the approval of ETH ETFs from 25% to 75%. Also, the rumours about the ETFs became more influential when investors learned that the U.S SEC was encouraging the prospective issuers to expedite the Ethereum ETF 19 b-4 applications which signalled the potential for their approval. The anticipation of the launch of ETFs has always impacted positively on the crypto market. For instance, the expectation of the approval of spot bitcoin ETFs during January triggered the Q1, 2024 crypto rally. Now, the launch of the ETH ETFs may lead to the rise in demand for the Ethereum crypto. However, it is important to note that the ETF issuers have not yet launched the investment assets. Read also: [ENS Price Prediction for 2024-2030](https://www.gate.io/price-prediction/ethereum-name-service-ens "ENS Price Prediction for 2024-2030") Vitalik Buterin’s Endorsement: The Ethereum ENS received another boost when Vitalik Buterin endorsed them as a high quality crypto product. The Ethereum co-founder even uttered his amazement on how many crypto investors are not aware that the ENS token is a worthwhile investment asset. Thus, Buterin has simply emphasized the utility of the ENS. The simplification of Ethereum addresses into readable text increases user experience as that reduces risks of error when making transactions. ## Analysis of the Impact of ETH ETFS: ENS’ Market Value to Realized Value (MVRV) ratio One thing for sure is that the massive interest in ENS pushed it into an overbought market zone, exhibited by a surge in its Market Value to Realized Value (MVRV) ratio. On 24 May, for example, the 30-day Ethereum Name Service’s MVRV was 25.7%, indicating profit which could trigger a market sell-off. In the past, the ENS used to experience a market correction when its MVRV ratio ranged between 7% and 21%, which was historically labelled the danger zone. The next graph shows the ENS’ MVRZ state during the fourth week of May. ![](https://gimg2.gateimg.com/image/article/17175731703.jpg) ENS MVRV Ratio – Santiment With such a high MVRV ratio many investors are likely to sell their ENS tokens since they are in the profit zone. The rise in active ENS addresses substantiate the suspicion that some token holders may sell their holdings. ![](https://gimg2.gateimg.com/image/article/17175732074.jpg) ENS Active Deposits – Santiment As the graph indicates during the cited period there was an increase in active ENS wallet addresses, signalling that they are ready to sell their tokens. Any massive sale of the token, however, may usher in a bearish period. ## Ethereum Name Service - brief overview Ethereum Name Service exists on the blockchain, thus, is decentralized in nature. It enables users to create their own ETH domain names which are stored in digital wallets and ensure ownership as well as security of Ethereum blockchain-based virtual assets. The interesting thing is that people can trade and transfer the ENS as they do with various decentralized assets. ## ENS Price Predictions At press time, the ENS token is changing hands at $25.14 and it has a bullish outlook. Based on the current ENS price analysis, its next key resistance level is at $26. On the other hand, The Coinpriceforecast
price prediction
shows [that the ENS price may rise to $ 50 by mid-2024](https://coinpriceforecast.com/ens-coin "that the ENS price may rise to $ 50 by mid-2024") and $75 by the end of the year. The cryptocurrency trends 2024 shows a bullish ENS market since the token has a Greed and Fear reading of 73. Looking into the future, the ENS may trade at $78.54 by the end of 2025 and $124.39 by 2030. ## Conclusion Despite the recent ENS price rally, the token has failed to sustain the bullish momentum which the launch of the spot ETH ETFs generated. Buterin’s endorsement and the broader crypto market sentiment have also helped to drive the value of the ENS token up. As a result, the token has maintained a bullish momentum. Nevertheless, the high MVRV value shows a possibility of mass sale-off which may force its price down. ## FAQs about Ethereum ENS ### What is Ethereum Name Services? The Ethereum Name Services (ENS) is a system for naming
Ethereum
digit wallet addresses in a human readable form such as mavis.eth. Such names are suitable for Ethereum users as they minimize transaction errors. ### Is Ethereum name service a good investment? The Ethereum Name Services is a good investment since it’s based on safe technology and offers utility to the Ethereum network. Also it is very easy to sell and transfer ENS tokens. ### What is the purpose of ENS? The main purpose of ENS is to make transactions easier and safer than the traditional Ethereum digital wallet addresses. The users no longer need to worry about safe keeping of their private keys or seed phrases.
Author:**Mashell C.**, Gate.io Researcher
\*This article represents only the views of the researcher and does not constitute any investment suggestions.
\*Gate.io reserves all rights to this article. Reposting of the article will be permitted provided Gate.io is referenced. In all cases, legal action will be taken due to copyright infringement.
TL;DR
Introduction
ENS_s Recent Price Performance
Analysis of the Impact of ETH ETFS
Ethereum Name Service - brief overview
ENS Price Predictions
Conclusion
FAQs about Ethereum ENS
解鎖盲盒最高獲
$6666
獎勵
立即註冊
相關文章
區塊鏈
16 December 12:22
What is Liquidity Mining?
區塊鏈
28 December 18:17
What is SocialFi?
區塊鏈
17 February 11:38
What is Impermanent Loss?
即刻領取20點卡
新人專享,僅需2步馬上獲得點卡
🔑 註冊帳戶
👨💼 24小時內進行身份認證
🎁 獲得點卡獎勵
馬上領取
請點擊右上角
在彈出的窗口中點擊
“在瀏覽器打開”下載
語言及地區
匯率
選擇語言及地區
简体中文
English
Tiếng Việt
繁體中文
Español
Русский
Français
Deutsch
Português (Portugal)
ภาษาไทย
Indonesia
Türkçe
日本語
عربي
Українська
Português (Brasil)
法幣匯率
不使用匯率切換
不展示法幣價格
即時匯率
CNY - ¥
USD - $
VND - ₫
EUR - €
GBP - £
HKD - $
JPY - ¥
RUB - ₽
TRY - ₺
INR - ₹
NGN - ₦
UAH - ₴
BRL - R$
MYR - RM
PGK - K
THB - ฿
PKR - ₨
BDT - ৳
PHP - ₱
CAD - $
IDR - Rp
ZAR - R
PLN - zł
SAR - ﷼
ARS - $
AED - د.إ
KZT - ₸
EGP - E£
UZS - so`m
TWD - $
GHS - GH₵
VES - Bs
MXN - $
COP - $
XAF - Fr
XOF - FCFA
BYN - Br
KES - Ksh
MAD - د.م
TZS - TSh
SEK - kr
AZN - ₼
CLP - $
HUF - Ft
RON - lei
AMD - ֏
DZD - د.ج
NPR - रू
JOD - د.ا.
前往土耳其站點?
土耳其站已上線
可點擊前往TR分站,或是繼續留在國際站