The Ethereum Name Service Token is Blowing Up — Why? ENS Price Prediction 2024–2034

One of the assets that attracted a lot of attention this past week has been the token of Ethereum Name Service. What is the reason for the sudden rise of this DNS alternative for Web3? See our Ethereum Name Service price prediction for 2024 and up to a decade ahead in our article.

Ethereum Name Service Price Forecast 2024–2034

• The outlook for Ethereum Name Service is as positive as ever: the DAO has big plans for 2024. In line with the facts, the predictions also see the ENS price rise and peak around 2029;
• With the bullish ENS predictions, the price reached by 2030 is not the limit, and in the next years extends even further than $250;
• More moderate Ethereum Name Service predictions see it break its price record before 2030 but after that entertains the possibility of a very sharp pullback.

What are Ethereum Name Service and ENS Crypto?

Blockchain and cryptocurrencies stem from cryptography, a science about ciphers, code, and encryption. The information such as addresses, signatures, and individual transactions is encoded in an encryption algorithm, making them look like strings of random characters. Memorizing those is something that has hindered the widespread adoption of crypto for almost its entire history.

Like the Domain Name System (DNS) that translates website addresses on the Web into human-readable names, Ethereum Name Service (ENS) does the same for blockchain addresses. Shortly speaking, ENS is an open-source decentralized internet naming protocol powered by a set of Ethereum smart contracts. The default and most recognizable example of an ENS extension is “.eth”.

The formation of ENS Decentralized Autonomous Organization (DAO) called for a governance token to be created and distributed. The DAO held a retroactive airdrop of the ENS token to the second-level domain name owners and contributors on November 8, 2021. By delegating ENS tokens to a voting address, users entrust their vote to a representative of their choice. They can vote on things like domain pricing, the governance of the service’s price oracle, etc.

The ChangeHero team has a Beginner’s Guide about Ethereum Name Service (ENS). Make sure you are familiar with the project before you read this forecast!

Ethereum Name Service (ENS) Price History

Ethereum Name Service Price in 2021–2022

The native token of Ethereum Name Service was distributed through a retroactive airdrop in November 2021. Before, the protocol was using ETH but the community felt the need to have a dedicated governance token.

Late 2021 was a very bullish time on the crypto market, as Bitcoin has just reached its all-time high. Therefore, the ENS token immediately started trading for $40–50 and soon reached its historic record. The all-time high price of ENS of $85.69 was reached on November 11, 2021.

The subsequent market-wide correction and “crypto winter” affected ENS, too. After the 2021 highs, its price tumbled down to the $12–20 range. In May, three- and four-digit domain name NFTs saw a surge in demand, which affected ENS token prices as well. Over a couple of weeks, it jumped to $26.

Nevertheless, in the longer term, it only brought the lower price range even lower down to $8–9.

The ENS price spent months after this surge slowly recovering in an accumulation phase. If not for the FTX-induced market crash in November, however, it would have been proceeding further. As a result, ENS finished 2022 around the $11 mark.

Ethereum Name Service Price in 2023–2024

In contrast, the start of 2023 looked a lot more promising for ENS token holders. By March, it climbed up to $17 but the uptrend failed to be sustained. In June, ENS touched a local bottom near $7 for the first time during this period.

From June to October, the ENS price seemed to repeat the same pattern of a bounce up from the bottom and a brief uptrend followed by a downtrend. It could even occur once more from the local bottom of $6.7 reached in October if not for the sudden influx of demand in ENS that launched it up to $25.

At the time of writing, ENS is worth $25.01 and the coin ranks 83rd by market capitalization according to CoinMarketCap. What has caused the sudden price increase? Keep reading to learn!

What Influences the Price of Ethereum Name Service Token (ENS)?

Network Development

Quite straightforwardly, the growth in the use of ENS domains helps the ENS token to be in more demand. A year ago, it reached a milestone of 2 million domain names registered, with 80% of them being claimed in 2022. The NFT boom that year certainly helped with reaching these numbers.

The apparent reason for the current 80% price surge in a week seems to be an endorsement from Ethereum’s co-creator Vitalik Buterin. His mentioning the prospects of ENS expanding to Ethereum Layer-2s boosted the confidence in the project.

However, these plans were already on the roadmap by the Ethereum Name Service developers as early as June 2023. It seems that the combination of exposure brought to the fact by a respected figure combined with the bullish market sentiment created the perfect recipe for such a price move.

Competition

Despite its popularity, Ethereum Name Service is not the only domain name protocol on the market. Its main competitor is Unstoppable Domains, or so it was until recently. The two projects are currently neither collaborating nor competing: Unstoppable Domains allows selling ENS’s .eth domain names with no markup. However, in November 2023, the two teams had a public dispute over a patent for Blockchain Name Resolution.

Nevertheless, Ethereum Name Service remains the most used domain name service for blockchain and Web3. The backing of the Ethereum Foundation, which helped develop it in the first place, definitely contributed to the ENS’s success.

Governance Policies

Where there is a governance token, there is usually a Decentralized Autonomous Organization (DAO) using it. ENS DAO is the entity that oversees the voting procedures and execution of decisions made by ENS token holders. In late 2023, the governance process and oversight over the ENS protocol were fully transferred to the ENS DAO.

In other words, to steer the development of Ethereum Name Systems, one needs to have the ENS token. And those who own ENS tokens are more invested in making sure the ENS DAO governs so that their tokens do not lose value.

What kinds of policies has the DAO exercised so far? In addition to the transfer of governance, which was also decided by voting with ENS, it also solved day-to-day issues at hand. For example, the question of funding the work of the DAO with a sale of $16M worth of ETH was also first approved by the ENS holders.

ENS Price Forecast and Analysis

2024 has just started and it is reasonable to wonder how the crypto market will fare this year. Let’s try looking at how ENS has performed against USDT in 2023 to give a short-term ENS forecast for early 2024.

ENS is currently on a tear thanks to the big plans and the exposure that brought trading volumes. On a daily chart, the ENS price has printed a bullish flag, so we can expect some more upward traction. Just in case we do not see it, though, as the relative strength index is firmly in the overbought area, we use Fibonacci extensions to estimate support levels. The closest one to the current ENS price is $20.53, and the $20 mark can prove a strong psychological level as well.

Ethereum Name Service Price Prediction for 2024

According to the BeInCrypto analysts, the Ethereum Name Service cryptocurrency ENS can shoot further up after a brief pullback. Therefore, it should find support near $18 and bounce up from there to $40.

The price and technical analysis done by CoinGape are equally optimistic. They notice a double bottom pattern on the ENS price chart, concluding that the current surge is a logical resolution to it. There is no certainty about where the price will move next but if the rally is sustained, it can extend past $34.

YouTuber AJ Five analyzes the ENS charts across all time frames, giving a price forecast for both the short and long term. As for the latter, he expects Ethereum Name System to score a new ATH by the end of the quarter and reach $30 by March and $40–50 by mid-2024.

Ethereum Name Service Price Prediction for 2025

According to the forecast by CoinWire, during the next year, the ENS token can rise to $32.85 at the very least. The maximum price ENS will be able to reach by early 2025 is $38.55, and the forecast average price is $35.51.

An Ethereum Name Service (ENS) price prediction by CoinCodex is provided by a proprietary algorithm. If all goes well, in a year ENS will be trading for around $47.34. The estimated price range for ENS to be trading in 2025, according to their projections, lies between $21.10 and $50.51.

In the same time frame, ENS is predicted to rise by 93.47% by another source, CoinCheckup. This makes the price of ENS at the start of 2025 about $47.94.

Ethereum Name Service Price Prediction 2026–2029

Algorithmic forecasts can make up the ENS price prediction for up to five years in advance. What’s the forecast range between the minimum and maximum price of Ethereum Name Service (ENS) from 2026 to 2029?

Ethereum Name Service Price Prediction 2030 and 2034

Looking as far into the future as a decade, even algorithms are as good as fortune-telling. If this does not deter you, here are some Ethereum Name Service price predictions for 2030 and ten years ahead.

According to the information from the CoinLore portal, by 2030 ENS’s price will land somewhere in the generous range of $1.65–189.54. 2034 looks to be no better, as in four years the crypto market is expected to go through another cycle, and both in 2030 and 2034 the market will be experiencing a bearish phase. With that in mind, the average trading price of ENS in 2034 can go down from the price peak to anywhere between $381.40 and $21.

AMB Crypto uses AI to chart the future price of ENS and other cryptocurrencies, so evaluate the reliability of such a forecast accordingly. This being said the minimum price it predicts for ENS in 2030 is $24.69 and the highest is $37.03. As for 2034, the ENS price range that the AI projects is between $45.31 and $59.99.

Last but not least, Coin Data Flow’s experimental prediction model forecasts that in 2030, ENS can grow by up to 554.37%, and in ten years by 2034, by 941.19%. This would make Ethereum Name Service’s maximum prices $154.43.5 and $245.72 respectively. As for the minimum price, it would be $44.90 in 2030 and $76.90 in 2034.

How to buy ENS?

Did you know can buy ENS tokens on ChangeHero at the best rates and with no registration? Here is how:

1. Choose the currencies on the home page, amounts, and the type of exchange. Provide your wallet address in the next step, and check the amounts;
2. Double-check the provided information, read and accept the Terms of Use and Privacy Policy;
3. Send a single transaction in the cryptocurrency you will be exchanging. Fixed Rate transactions have a 15-minute limit;
4. All done? Now we are doing all the work: confirming the incoming transaction and as soon as it arrives, performing the exchange;
5. Once the exchange has been processed, your ENS is immediately on the way to your wallet.

Our customer support is available any time, any day in the chat on the website or through the email: [email protected].

Conclusion

The current outlook on ENS, reflected in the reviewed Ethereum Name Service’s price predictions, seems to be grounded more in the ongoing rally and the bullish climate on the broader crypto market rather than ENS’s usefulness. Nevertheless, it is a project not to be underestimated, as it has proven to be a valuable service for Web3 and crypto.

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