A 6% price increase last week (September 6 - September 12) confirms the bullishness of Ethereum Name Service.
Ethereum Name Service has been bullish last week as its price has been predominantly rising. The price swings of ENS pointed to the presence of medium volatility. There has been a rise in the market capitalization of the asset during the period under review. The price action of the crypto coin last week took place on the back of increased trading volume.
The unfolding situation in the Ethereum Name Service market suggests that the reviewed digital asset is in the stage of mild volatility. During the reviewed period, the volatility of ENS was in the middle register, averaging at 9%. The coin has hit the highest point of volatility on September 6. The asset saw its volatility drop to the lowest level for the given period on September 10 as it shrank to 0.52%. Since the volatility of 9% can be deemed as mild, the crypto coin's market can be characterised as composed.
The bears were dictating the terms on the Ethereum Name Service market on September 6 - the trading session opened at $14.07. The first day of price action was marked by the 1% move to the upside from the point where the trading session opened. The 4% move in the downward direction took place on the second day after the weekly open. The price range of Ethereum Name Service formed between $13.79 and $15.54 on September 8 as the price traveled 11% up. The ENS market was down as the price shifted by 1% on September 9, against the backdrop of the sufficient trading volume. The price range of Ethereum Name Service on September 10 formed between $15.48 and $15.33, whereas the daily price extremities were $15.18 and $15.85. The price action on September 11 saw the crypto coin moving along the following route: starting point at $15.28 and closing point at $15.52, while it also deviated to establish the high of the day at $15.72 and the low of the day at $15.24. Most trading activity on September 12 occurred in the space between $15.54 and $15.08; during this time span, the immediate selling pressure forced the coin to drop to the 24H low at $14.89, though the bulls had also staged the rally to the 24H high at $15.97. Over the course of all trading sessions, the asset established the weekly low at $13.28 while buyers managed to push the price up to the weekly high at $16.33. Ethereum Name Service shaped the $0.81 price range over the week of price action, which constituted the 6% gap between the weekly low and the weekly high.
The trading activity on the Ethereum Name Service market over the past week - September 6 to September 12 - generated the average trading volume that went from $53 499 140 to $78 139 665. A more comprehensive analysis of ENS price action requires the comparison of the trading volume between September 6 and September 12 with that from the preceding week that demonstrated how the trading volume fluctuated between $31 175 293 and $67 642 704. The asset demonstrated an 99% change in trading volume, when compared against its performance in the past 7 days, while its price fluctuated by 6%.
The past week saw the market capitalization of Ethereum Name Service making a shift from $376 039 172 on September 6 to $407 811 065 on September 12, the peak for the analyzed period. When translated to percentage rate, the market capitalization of ENS over the past week adjusted by 8%. When compared to the price fluctuations during the observed period of time, the 8% market capitalization movement was accompanied by a 6% change in the price of the coin. In order to get a better grasp of the current state of affairs on the market, it’s important to draw the comparison between the reviewed period and the preceding seven days when the market capitalization ranged between $325 840 361 on August 30 and $353 858 442 on September 5, which translates to a 9% change.