ENS Price Plummets 10% Amid Ongoing Selling Pressure

Ethereum Name Service (ENS) is experiencing a significant decline in its price, down by 10.02% to $5.35 as of September 1. This selling pressure has been ongoing, with ENS trading below its key moving averages, indicating a likely range of $5.38 to $5.79 and further downside risk.

According to Thecerbatgem, the market capitalization of ENS is currently at $252.77 million, reflecting its network valuation and level of participation among holders. However, this figure has been accompanied by fresh selling pressure in today's trading.

The technical analysis suggests that ENS/USD is trading below both the MA-20 ($5.79) and MA-50 ($5.84), while it remains above the MA-200 ($5.44). Momentum indicators are negative, with MACD and ADX signaling Sell, RSI at 34.4 in Sell territory, and CCI alongside Bull/Bear Power indicating sellers are dominant.

Over the next two to three trading days, ENS/USD is expected to fluctuate between $5.38 and $5.79, defining the typical volatility range. The probability for an upside move appears low, with a higher likelihood of continued downside or sideways price movement.