base-pidgin

Ethereum Name Service [ENS] has flipped its long-term bearish trend and broken through resistance levels around $20-$22. On-chain metrics signal increased market activity and demand, with a strongly bullish outlook for the coming weeks.

Key Statistics:

1. ENS price: $22 (recent breakout)
2. 90-day MVRV: Positive (possibility of profit-taking)
3. Transaction count: Upward trajectory since late October (increased market participation)
4. Velocity: Increased (more frequent trading)

Analysis:

ENS' rally driven by:

1. Increased market activity and demand
2. Whale accumulation (1 million+ ENS addresses)
3. Shrimp addresses accumulating (less than 10 ENS)

Projection:

1. Potential target: $34.5 (next resistance level)
2. Support levels: $20 (critical) and $15.7 (78.6% level)
3. Continued upward momentum: Driven by increased adoption and whale activity

Risks and Challenges:

1. Market volatility (due to Bitcoin)
2. Profit-taking activity
3. Regulatory uncertainty

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