Ethereum Name Service Is About To Break Long-Term Trendline To T

Just a couple of days ago, we monitored ENS closely as the token was about to break its upper resistance area. A confirmation above the support would have triggered an entry. However, ENS was rejected immediately, and today, it has to battle another important trendline—this time to the downside.

The trendline started in May, and ENS has never closed a daily candle below this trendline. This could change today. At the time of writing, ENS trades clearly below this trendline.

A close below can trigger stronger bearish momentum. However, we must apply the same rules for the bullish case: Wait for confirmation. Keep your fingers crossed.