Ethereum Name Service has become one of the best-performing tokens in the past few days, with over 20% increase over the past day. According to a recent post by the famous self-proclaimed analyst Javon Marks, ENS is reaching new post-breakout highs with a major candle approaching the $76.121 target.
If the breakout continues, the target could still be achieved. Another potential increase of +138% might be on the horizon for ENS, which could happen quickly.
As of the time of writing, Ethereum Name Service (ENS) was trading at $32.64, surpassing most analysts’ predictions for July 1. It has gained 27.84% in the last 24 hours, and its trading volume is up 107% to $307 million. Over the course of 7 days, the price of ENS has increased by 46%.
This surge is primarily driven by the increase in the price of Ethereum (ETH). The second-largest cryptocurrency by market cap experienced a significant surge after the U.S. Securities and Exchange Commission decided to halt its investigation into whether Ethereum was a security and approved spot ether ETFs. This move bolstered overall market sentiment and confidence in the Ethereum ecosystem.
How is ENS connected to Ethereum?
ENS is built on the Ethereum Mainnet. Companies like GoDaddy, the world’s biggest hosting provider, have recognized its advantages. ENS uses Ethereum’s smart contract capabilities to create a secure way to link human-readable names to machine-readable identifiers, such as Ethereum addresses, content hashes, and other crypto addresses.
Ethereum Name Service operates through a set of smart contracts deployed on the Ethereum Mainnet. The core ENS smart contracts include the ENS registry, the resolvers, and the registrars. The registry maintains the list of all domains and their owners, the resolvers translate names into addresses, and the registrars register new domains.
These ENS names can be directly associated with Ethereum addresses. This simplifies the process of sending and receiving cryptocurrency because users can use easy-to-remember names instead of long and complex addresses.
ENS price prediction
The recent surge in the ENS price is partly due to the upcoming unlocking of ENS tokens worth $39.46 million in July. This unlocking event is not exclusive to ENS and has led to mixed opinions.
While some people are optimistic, others recommend taking profits immediately, although they are in the minority. Technical indicators suggest a strong buy.
According to Coincodex, ENS is predicted to reach $37.01 in the next five days and $92.51 within a month. The long-term predictions for 2025 range from a minimum of $28.54 to a maximum of $133.03, and for 2026, the range is from $23.89 to $74.95.
