Ethereum Name Service (ENS) is currently positioned at a critical inflection point on the weekly chart, signaling a high-probability setup for a massive bullish breakout after nearly 2 years of sideways consolidation and structural base building.
🔍 Technical Pattern Breakdown
This chart reveals a macro Ascending Triangle formation developing since late 2022, with higher lows consistently respecting a rising trendline support and price now retesting the golden pocket Fib zone.
Pattern Formed:
📐 Macro Ascending Triangle + Fibonacci Confluence Zone
📉 Long-Term Accumulation Range: $14.6 – $23.7
Trendline Support:
✅ Rising since 2023, showing buyers consistently stepping in at higher levels
Fibonacci Retracement:
🔑 Price currently sitting between 0.5–0.786 Fib zone from the 2023 rally:
0.5 = $18.33
0.618 = $16.82
0.786 = $14.68
🟢 Bullish Scenario – Potential Multi-Leg Rally
If price holds and rebounds from this support region, we could see a stepped breakout with key resistance levels being taken out one by one:
1. First Resistance – $23.73: Psychological and structural breakout level
2. Second Target – $30.48: Prior major rejection area
3. Third Target – $47.13: 2024 resistance high
4. Macro Target – $69.99 to $85.88: Full breakout potential from triangle width and historical ATH zone
🚀 Upside Potential from Current Levels (~$18): Over 350%
📈 This would confirm the end of the accumulation cycle and signal the start of a long-term bullish phase.
🔴 Bearish Scenario – Breakdown Risk
In the event of a confirmed weekly candle closing below $14.6, we invalidate the ascending triangle and shift bias toward bearish retracement:
Next Support: $10.00
Extreme Bearish Target: $6.65 (macro low from 2022)
🛑 Breakdown from this structure would suggest failure of the accumulation pattern and return to long-term bearish pressure.
💡 Strategic Insight
ENS is one of the rare altcoins currently forming a clean high-timeframe bullish setup. This is the kind of structure institutional or swing traders look for when anticipating early entries before explosive moves.
With a tight invalidation below $14.6 and multiple upside targets, this setup provides a strong risk-reward opportunity.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.