This year has been a tough sail for Ethereum Name Service since May 2022, when the Terra/Luna implosion caused a cascade of bankruptcies, layoffs, and liquidations. Subsequently, the chain of unfortunate market and geopolitical events like the Russian invasion of Ukraine, U.S. inflation, and 3AC and Celsius insolvency, has also contributed to the downward pressure on the price of ENS.
With the recent massive downfall of the crypto market caused by FTX contagion, is it possible for Ethereum Name Service to reclaim its all-time high in 2023? Continue with the article to learn about Ethereum Name Service price analysis and prediction by Coinpaper.
Read also: What is Ethereum Name Service?
What is Ethereum Name Service?
The Ethereum Name Service (ENS) is an open-source domain naming system that enables users to assign human-readable names to the random alphanumeric strings that represent wallet addresses, making Ethereum-based web3 more accessible and intuitive for non-crypto natives. Similar to the Internet’s Domain Name Service (DNS), ENS uses a system of dot-separated domains and subdomains, with the former being “eth” and the latter an arbitrary value assigned by the user, like “alice.eth” or “69420.eth.” In November 2021, ENS launched a retroactive airdrop of its ENS token to reward early adopters.
Ethereum Name Service (ENS) price
Currently, Ethereum Name Service Price is USD. ENS has a circulating supply of coins and a total supply of . If you are looking to buy or sell Ethereum Name Service, Binance is currently the most active exchange.
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Ethereum Name Service price prediction 2023
The current market sentiment is full of fear, uncertainty, and doubt (commonly known by the acronym FUD), as fears of FTX contagion mount. At the moment, it’s difficult to assess exactly how much damage has FTX collapse has done to the crypto industry, since some affected crypto companies may be already secretly insolvent due to highly leveraged positions, as we have seen in the aftermath of Terra's implosion.
According to our estimates, it will take months for the full scale of FTX bankruptcy to become clear, so the turning point for the crypto market won’t come before late Q1 to early Q2 2023, although for now, it seems that the industry has absorbed most of the damage.
Another market factor that should be taken into consideration is how successful will be the U.S. Federal Reserve’s efforts to curb inflation. For now, there is reason to believe that Fed is making some progress in its attempts to cool the overheating economy — on November 30, Federal Reserve Chair Jerome Powell announced it’s time to slow the pace of coming rate hikes, which immediately triggered a positive reaction from both crypto and equity markets.
Given the above information, one can easily guess that there will be a considerable divergence between bullish and bearish Ethereum Name Service 2023 price predictions due to multiple unknown factors. For this reason, we estimate that the bullish scenario will see Ethereum Name Service price at $14.91 to $16.83. On the flip side, a fading interest in the new meme coin may push the price of Ethereum Name Service to $8.62-$6.93 lows.
Ethereum Name Service price prediction 2024
In 2024, the global macroeconomic backdrop is likely to be more favorable to the crypto market, adding value to Ethereum Name Service (ENS) and other cryptos. However, the possibility of black swan events similar to the collapse of FTX cannot be completely ignored.
Keeping this in mind, we foresee the price of Ethereum Name Service to climb as high as $19.01, with the more distant prospect of reaching $22.18 in 2024. The bearish scenario is likely to see Ethereum Name Service (ENS) trading between $11.08 and $9.16 in 2024.
Ethereum Name Service price prediction 2025
Since it’s practically impossible to foresee what market factors will influence cryptocurrency prices in 2025, this part of our Ethereum Name Service (ENS) price analysis and prediction is based on pure speculation and observation of Ethereum Name Service historical price movements.
Our Ethereum Name Service 2025 price forecast expects ENS to rally towards $26.06 and reach $28.42 by the end of the year. The bearish scenario would see Ethereum Name Service at $21.39 to $18.03.
Ethereum Name Service (ENS) price prediction 2026
Looking ahead four years, to 2026, Coinpaper's price prediction for Ethereum Name Service is neutral. In 2026, we expect Ethereum Name Service to reach at least $31.93 before climbing higher to $36.74. In case of a bearish scenario, Ethereum Name Service may fall to $25.26.
Is Ethereum Name Service (ENS) a good investment?
Although ENS token gives its holders rights to vote on changes in the protocol, the coin itself isn’t used by the service in any form, so there’s no positive correlation between ENS domains growth and token appreciation. Given the fact that this cryptocurrency was initially launched as a reward for early adopters and lacks functionality in Ethereum Name Service ecosystem, ENS token doesn’t look like a solid long-term investment.
Bottom line
Are you ready to invest in Ethereum Name Service? Very few if any analysts forecast its value going down to zero, although you can’t be sure these days, so make sure you always do your own research before making investment decisions. And keep in mind that cryptocurrency prices can be extremely volatile, so trading crypto always involves a high degree of risk.
You can buy ENS from many crypto exchanges, including Binance
Disclaimer: Coinpaper does not recommend that any cryptocurrency should be bought, sold, or held by you. Always conduct your own research and consult your financial advisor before investing in any digital asset.
FAQs
Who created Ethereum Name Service?
ENS was created by a team of nine people led by Nick Johnson, a software engineer from New Zealand who had previously worked for Google and the Ethereum Foundation.
What was the all-time high for Ethereum Name Service (ENS) ?
The all-time high price of Ethereum Name Service is $ on 2021-11-11
