ENS looks absolutely bullish! We have a great volume on the indicator, as you can see on the chart, which confirms my bullish bias. The price recently broke out of the falling wedge reversal pattern and is now pumping. As per my Elliott Wave analysis, the corrective pattern should be completed. ENS is a very promising coin for the Ethereum Network. 30x is not impossible in 2024/2025. Let me know what you think about my analysis, and please hit boost and follow for more ideas. Trading is not hard if you have a good coach! Thank you, and I wish you successful trades.
What Is Ethereum Name Service (ENS)?
Ethereum Name Service (ENS) is a distributed, open, and extensible naming system based on the Ethereum blockchain. ENS converts human-readable Ethereum addresses like john.eth into the machine-readable alphanumeric codes you know from wallets like Metamask. The reverse conversion -- associating metadata and machine-readable addresses with human-readable Ethereum addresses -- is also possible.
The goal of Ethereum Name Service is to make the Ethereum-based web easier to access and comprehend for humans - similar to how the Internet’s Domain Name Service makes the internet more accessible. Like DNS, ENS also uses a system of dot-separated hierarchical names called domains with domain owners fully controlling their subdomains.
ENS launched with a highly successful retroactive airdrop in November 2021 that rewarded users who had registered addresses before the project launched its token. However, in February 2022, it faced criticism over apparently homophobic tweets by its director of operations.