The price of Ethereum Name Service (ENS) has recently surged, reaching new post-breakout highs towards the $76.121 target. Analysts are predicting a potential +138% upside for ENS, which could happen quickly if the breakout holds.
As of the latest data, ENS is trading at $32.64, exceeding many analysts’ expectations for July 1. In the past 24 hours, ENS has gained 27.84%, with its market cap increasing by 27.77% to $1.03 billion. Trading volume has also seen a significant rise of 68.49%, while the price of ENS has surged by 46% in just 7 days.
The surge in ENS price is also reflected in Ethena (ENA), which has experienced a similar increase due to the rise in Ethereum (ETH) price. The positive sentiment around Ethereum was boosted by the U.S. Securities and Exchange Commission’s decision to halt its investigation into Ethereum’s security status and approve spot ether ETFs, enhancing confidence in the Ethereum ecosystem.
ENS is closely connected to Ethereum, leveraging its smart contract capabilities to provide a secure way to map human-readable names to machine-readable identifiers like Ethereum addresses. ENS operates through a set of smart contracts on the Ethereum Mainnet, including the ENS registry, resolvers, and registrars, which manage domain ownership, address translation, and domain registration processes.
The recent surge in ENS price can also be attributed to the unlocking of ENS tokens worth $39.46 million in July. While some bearish views suggest taking profits immediately, technical indicators lean towards a strong buy recommendation.
According to Coincodex, ENS is predicted to reach $37.01 in the next five days and potentially hit $92.51 in one month. Long-term predictions for 2025 range from $28.54 to $133.03, and from $23.89 to $74.95 in 2026.