Ethereum Name Service (ENS) Price Prediction: Bulls Are Pulling Out as Investors Set to Offload 812,000 Tokens

Despite the recent price increase of 8.82%, Ethereum Name Service (ENS) price is still at risk of falling below $24 as investors prepare to sell a total of 812,870 coins.

The retail price of Ethereum Name Service (CRYPTO:ENS) fell to $**22.95 on June 25 amid **volatile** market indecision. Afterwards, the price began to increase, reaching **$25.13 in the early hours of June 26. With an 8.82% price increase, ENS became the highest gainer among the cryptocurrencies in the top 100.

However, the behavior of market participants displayed a significant trend that could impact ENS's price.

Investors Set To Offload 812,000 Tokens

Currently, ENS investors do not seem to be convinced that the token's price will continue to rise. As a result, many of them have placed orders to sell . This decision is evident in the Exchange-OnChain Market Depth.

The Exchange-OnChain Market Depth provides real-time trading activity on exchanges. It is divided into two, with the bid side showing the number of buy orders, while the sell (ask) region reveals the number of tokens that could put selling pressure on the price.

According to IntoTheBlock, investors are prepared to sell a total of 812,870 tokens at an average price of $* *25.19. At that price, the value of tokens sold **will** be **$20.32 million. However, buy orders fell short, with only 399,800 tokens ready to save the cryptocurrency from another downtrend.

Considering the difference in the ask and bid values, the ENS price may not add to its current gains. Moreover, the pattern shown by the total number of holders puts ENS at risk of falling below $24 .

According to Santiment, the holder count decreased from 66,300 on April 18 to 65,100 at the time of writing. Such situation simply means that some holders are not partially liquidating a portion of their holdings. Instead , they are selling all. If this continues, it will signal a lack of confidence in Ethereum Name Service's future potential and a possible price decline.

As shown above, historical analysis traced back to December 2023 supports the thesis. During that period, ENS price was $**21.97. Less than a **week** after the number of **hodlers** dived, the value declined to **$17.89.

ENS Price Prediction: Bulls Are Pulling Out

Regarding the price's next movement, the 4-hour chart shows that it has managed to exit the correction (marked in the red box) that took place between June 23 and 24. Even though the price continues to increase, it faces resistance at $**25.69. Failure to cross the hurdle at this value **may** send ENS back to **$23.52. If the downward pressure persists, ENS may slide to $21.84, which holds major support.

Given the current conditions, the Average Directional Index (ADX) exhibits weakness for the uptrend. The ADX is a technical indicator used to determine the strength of a trend. Typically, readings at 25 or above imply a strong directional movement. However, at the time of writing, the ADX reading was 21.13 while facing downward. Should the directional strength continue to decrease, ENS price will have no choice but to descend.

Read More: Ethereum Name Service (ENS) Price Prediction 2024/2025/2030

Meanwhile, this price prediction will be invalidated if demand for the token rises. One factor that can trigger the demand is the Ethereum Name Service migration announced last month because less expensive transaction costs make it easy for market participants to buy a token. If this pattern plays out, ENS may attempt to retest $28.35.

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