ENS Price Analysis 15.09.2023

ENS has successfully defended the $7.344 region, which has become a significant horizontal support level. Upon closer examination of this region, although the price briefly wick down to $6.72, piercing below the support, it managed to close the daily candlestick above this support level. In its recent price movement, instead of targeting the liquidity zone, it rebounded from the $7.08 area, reinforcing its support at $7.344, which I consider to be a bullish sign.

Since February, it has formed a declining trend structure, which it tested yesterday with the market surge. Even though it threw a wick above the trend, the price reacted at the resistance zone I’ve highlighted with a gray box on the chart, between $7.77 and $7.84. I believe this resistance area is crucial for the continuation and stability of the upward trend. For ENS, I anticipate that if this resistance is conquered, there will be a potential rally up to the $8.80 resistance, and it might aim to sweep the short liquidity I’ve tried to indicate on the left side of the chart.

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