Ethereum Name Service (ENS) has seen a notable increase, climbing 10% following the announcement of an upcoming rebranding. At the time of writing, ENS is trading at $26.9, representing a 7.2% increase over the past seven days. With a circulating supply of 31.6 million ENS tokens, the project’s market cap stands at $844 million.

Despite the recent price surge, ENS is still down by 67.8% from its all-time high of $85.69 in November 2021. ENS, a decentralized naming system on the Ethereum blockchain, allows users to purchase human-readable names such as “jack.eth” and link them to various identifiers, including addresses, content hashes, and metadata.

Unlike traditional Domain Name Systems (DNS), ENS domains are governed by smart contracts and a Decentralized Autonomous Organization (DAO), ensuring a decentralized control mechanism.

“The rebranding is scheduled to be unveiled at the Ethereum Community Conference (EthCC) on July 8 in Brussels, Belgium.”

EthCC is the largest annual European Ethereum conference, organized by the community for the community. This event brings together leading minds in Ethereum to discuss the future of the ecosystem from July 8 to July 11, 2024.

According to Cryptorphic, an analyst, ENS has broken above an ascending triangle pattern and is potentially gearing up for a rally of 80% to 90%. In a separate analysis, Javon Marks indicated that ENS could see an upside of over 180%, targeting a price of $76.121. He noted that the recent pullback, coupled with key buying volume, might have strengthened the token’s position, setting it up for significant gains.

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