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Why did the price of ENS fall?

Ethereum Name Service (ENS) dropped 3.2% in the last 24 hours, underperforming the overall crypto market, which fell by 0.7%. This decline is linked to technical resistance levels and ongoing negative sentiment following recent market events. The main factors are:

  1. Technical resistance – ENS failed to stay above the $16.09 key price level.
  2. Token unlock pressure – Nearly 20 million ENS tokens ($315 million) became available on October 5.
  3. Whale activity concerns – Anxiety after a major trader’s short squeeze involving Garrett Jin.

Deep Dive

1. Technical Resistance (Bearish Impact)

Overview:
ENS hit resistance at its 30-day moving average around $18 and couldn’t maintain the $16.09 pivot price. It is now testing the 50% Fibonacci retracement level at $15.55, which measures the halfway point between its July high of $22.31 and August low of $8.79.

What this means:
The 4.5% drop below the 30-day exponential moving average ($17.66) triggered automatic sell orders and algorithmic trading. The Relative Strength Index (RSI) is at 43.76, which is neutral, meaning there’s still room for prices to fall before hitting oversold levels.

What to watch:
If ENS falls below $15.55 and stays there, the next target could be the 61.8% Fibonacci level at $13.96, last tested in September 2025.

2. Token Unlock Pressure (Bearish Impact)

Overview:
On October 5, 19.82 million ENS tokens (about 5.3% of the circulating supply) were unlocked, adding $315 million worth of potential selling pressure. Although not all tokens were sold immediately, this event coincided with a 20.3% price drop over the past 30 days.

What this means:
When tokens unlock, it increases the available supply, which can push prices down if demand doesn’t keep up. ENS’ circulating supply grew by 11% in October, putting downward pressure on prices despite steady demand for .eth domain names.

3. Whale Activity Fallout (Mixed Impact)

Overview:
ENS was indirectly affected by a market crash from October 10-12 caused by a $735 million Bitcoin short position by whale trader Garrett Jin. ENS wasn’t directly involved in the short, but the event:

What this means:
The crypto community is cautious about large holders after Jin allegedly used ENS-linked wallets to manipulate the market. This concern has overshadowed positive fundamentals like ENS’ 8% month-over-month growth in new domain registrations.

Conclusion

ENS’ recent price drop is due to technical challenges, increased token supply, and broader market caution fueled by whale-driven volatility. While ENS remains a key player as the naming system for Web3, short-term traders are focusing more on liquidity and market dynamics than on adoption growth.

Key point to watch: Can ENS maintain support at the $15.55 Fibonacci level ahead of the Enscribe program governance vote in November?


What could affect the price of ENS?

Ethereum Name Service (ENS) is at a crossroads, influenced by both positive and negative factors.

  1. DAO Governance Votes – Upcoming decisions on funding could either speed up development or trigger sell-offs.
  2. Token Unlocks – Nearly $20 million worth of ENS tokens will unlock in October 2025, which could lower prices if demand doesn’t keep up.
  3. Ethereum’s Fusaka Upgrade – Scheduled for October 28, this update may encourage more use of Layer 2 solutions, making ENS more valuable.

Deep Dive

1. DAO Governance & Treasury Allocation (Mixed Impact)

The ENS decentralized autonomous organization (DAO) controls half of all ENS tokens—about 50 million. They vote on how to spend these tokens, including funding programs like Enscribe, with a deadline on October 30. Recently, grants have supported eight teams working to expand ENS’s reach.

What this means: If the DAO focuses on growing the ENS ecosystem, especially through Layer 2 expansions, it’s a positive sign. But if they decide to sell large amounts from their $302 million treasury (CoinMarketCap), it could hurt the token’s price.

2. Token Unlock Overhang (Bearish Impact)

On October 5, 2025, about 19.82 million ENS tokens (worth roughly $320 million at today’s prices) will become available for trading. This follows a $4 million transfer of tokens to exchanges in August, which was followed by a 43% price drop over 90 days.

What this means: The increase in tokens available could push prices down unless there’s a surge in demand from new partnerships or growth in the Ethereum network. Past unlock events have caused price swings—for example, a 35% price jump in July 2025 was reversed after tokens unlocked (Gate.io).

3. Ethereum Ecosystem Growth (Bullish Impact)

ENS’s success is closely linked to Ethereum’s growth. The upcoming Fusaka upgrade on October 28 aims to lower fees on Layer 2 networks, which could lead to more .eth domain registrations. ENSv2 plans to move to its own Layer 2 solution called “Namechain,” which would further reduce costs.

What this means: Lower transaction fees have historically led to more ENS registrations—for example, there were 437,000 new domains in September 2024 after the Optimism integration. More activity on Layer 2 networks could increase demand for ENS as a way to manage digital identities across different blockchains (CCN).

Conclusion

ENS is balancing risks from token unlocks and team sales against the benefits of Ethereum’s scaling improvements. Keep an eye on the October 30 DAO vote for clues about how the treasury will be managed and watch token flows after the unlock. The key question is: Can ENS’s move to Layer 2 solutions offset the pressure from increased token supply?


What are people saying about ENS?

ENS holders are divided between excitement about Web3 identity growth and concerns over price swings in November. Here’s what’s trending:

  1. Analysts debate whether ENS will retest $20 or pull back to $12
  2. Subname use is rising thanks to Base and Rainbow integrations
  3. Large transfers by whales are causing worries about potential selloffs

Deep Dive

1. @MrMinNin: Positive on-chain data conflicts with cautious technical analysis

"New domain registrations increased 8% month-over-month (910,000 total), and decentralized exchange (DEX) volume rose 12% week-over-week... but the $12–13 support level must hold."
– @MrMinNin (23.4K followers · 1.2M impressions · 2025-10-22 19:36 UTC)
View original post
What this means: If network growth continues, this is good news for ENS. However, technical indicators suggest there could be a 30% price drop if Bitcoin weakens.

2. @ensdomains: Base app reaches 750,000 .base.eth names

"Every username on Base is an ENS name – the identity layer grows alongside Layer 2 adoption."
– @ensdomains (312K followers · 4.8M impressions · 2025-07-25 14:42 UTC)
View original post
What this means: This is a positive sign for the long-term as ENS becomes the standard Web3 identity system within Ethereum’s ecosystem. However, this growth has limited immediate impact on the token price.

3. CoinMarketCap: Whale transfers $4 million worth of ENS to exchanges

141,937 ENS tokens (valued at $4.02 million) moved to FalconX and Coinbase, according to EmberCN
– Data from 2025-08-11 14:10 UTC
View analysis
What this means: This could be a bearish sign if it indicates upcoming selling, but it might also be a routine move related to institutional custody.

Conclusion

The outlook on ENS is mixed. There’s optimism about its role in Web3 identity, but short-term concerns remain due to token supply (over 90 million tokens circulating by 2025) and broader market risks. Keep an eye on the $12 to $20 price range: breaking above $20 with strong volume could signal a new upward trend, while falling below $12 might lead to retesting yearly lows. Also, watch for the ENSv2 upgrade in November, which aims to reduce Layer 2 transaction fees.


What is the latest news about ENS?

Ethereum Name Service (ENS) is making strides in digital identity while facing market ups and downs, with big investors stirring activity. Here’s the latest:

  1. Whale Activity Linked to ENS Data (October 20, 2025) – Blockchain analysts connected a massive $11 billion Bitcoin holder to Garrett Jin, former BitForex CEO, through ENS domains.
  2. ENS Price Jumps 10% (October 16, 2025) – Strong technical signals and positive market sentiment pushed ENS prices higher despite overall market fluctuations.
  3. Rainbow Wallet Adds ENS Support (October 20, 2025) – New features let users build social profiles using .eth names, enhancing decentralized online identities.

In-Depth Look

1. Whale Activity Linked to ENS Data (October 20, 2025)

Summary: Blockchain researcher Eye traced a large Bitcoin holder controlling about 100,000 BTC (worth roughly $11 billion) to Garrett Jin, the former CEO of BitForex, by analyzing the ENS domain ereignis.eth. This whale reportedly placed significant bets against Bitcoin and Ethereum before U.S.-China trade tensions escalated, earning over $190 million during the market drop on October 10. ENS data helped connect these transactions to Jin’s public Ethereum addresses.
What this means: This case shows how ENS can increase transparency on the blockchain but also highlights risks when large players use decentralized tools to influence markets. While this doesn’t reflect negatively on ENS technology itself, it raises awareness about potential market manipulation through on-chain activity.
(CCN)

2. ENS Price Jumps 10% (October 16, 2025)

Summary: ENS’s price climbed to between $26 and $27, rising 10% within a day and outperforming many other cryptocurrencies. Technical indicators showed strong buying momentum: the price stayed above key moving averages (20-day EMA at $24.8), the Relative Strength Index (RSI) was neutral at 60, and the MACD suggested continued upward movement. Interest in ENS also grew, with Google searches for “ENS token” increasing by 28% over two weeks.
What this means: The price increase reflects growing confidence in ENS’s role as a Web3 identity solution. However, its future depends on wider adoption of Ethereum’s Layer 2 scaling solutions and managing the impact of token unlocks, as nearly 20 million ENS tokens became available in October, which could affect supply.
(Gate.io)

3. Rainbow Wallet Adds ENS Support (October 20, 2025)

Summary: Rainbow Wallet enhanced its ENS integration, enabling users to create social identities using .eth domain names. New features include tracking friends’ NFT collections, personalized asset suggestions, and using ENS names as a universal Web3 username across different platforms.
What this means: This development is positive for ENS adoption, as deeper wallet integration strengthens its position as the go-to identity layer for Web3. However, competition from other services like Unstoppable Domains remains a challenge.
(0xSparkon)

Conclusion

Ethereum Name Service is balancing promising growth—like wallet integrations and price gains—with cautionary signs from large investor activity. As demand for decentralized digital identities grows, ENS faces the challenge of maintaining its lead while preventing market manipulation. Keep an eye on upcoming ENSv2 upgrades and progress in Ethereum Layer 2 adoption for clues about its future trajectory.


What is expected in the development of ENS?

The Ethereum Name Service (ENS) roadmap is focused on making the platform faster, easier to use, and expanding its reach.

  1. ENSv2 Migration to Layer 2 (2025–2026) – Moving key functions to a Layer 2 network to lower fees and speed up transactions.
  2. Improved Subname Features (Q4 2025) – Building more partnerships to help with wallet recovery and use across different blockchains.
  3. Email-as-ENS Integration (2026) – Connecting regular email addresses with decentralized ENS identities.
  4. Governance & DAO Improvements (Ongoing) – Making decision-making and fund management smoother and more accessible.

Deep Dive

1. ENSv2 Migration to Layer 2 (2025–2026)

Overview: ENS Labs plans to move important parts of the ENS system, like registering and renewing .eth names, to a Layer 2 network such as Linea. This change aims to cut transaction fees by about 90% and make actions faster. It will also introduce a system that lets users have more control over subdomains (like subnames).

What this means:

2. Improved Subname Features (Q4 2025)

Overview: Building on partnerships with companies like Gemini and Para, ENS will allow subnames (for example, vault.yourname.eth) to make wallet recovery easier and support use across multiple blockchains. Future plans include integrating subnames into decentralized finance (DeFi), social media, and business applications.

What this means:

3. Email-as-ENS Integration (2026)

Overview: ENS is working with zkEmail to link traditional email addresses (like name@domain.com) to .eth names. This will help users move their online identity from Web2 (traditional internet) to Web3 (decentralized internet) without risking privacy.

What this means:

4. Governance & DAO Improvements (Ongoing)

Overview: The ENS decentralized autonomous organization (DAO) is working on proposals to automate how it manages funds, like converting some ETH reserves into stablecoins, and to make it easier for smaller $ENS token holders to participate in governance.

What this means:

Conclusion

ENS is focusing on making its platform more scalable and user-friendly through Layer 2 migration, subname features, and email integration. While these technical upgrades and partnerships are promising, challenges like regulatory issues and user adoption remain. The big question is whether ENSv2’s lower costs will lead to a big increase in .eth registrations or if competitors like Unstoppable Domains will limit its growth.


What updates are there in the ENS code base?

Ethereum Name Service (ENS) has released important updates to improve security, testing, and scalability on Layer 2 networks.

  1. ENSv2 & Namechain L2 Migration (June 2025) – Moving core functions to a dedicated Layer 2 to lower transaction fees and boost scalability.
  2. Testing Infrastructure Upgrade (April 2024) – Switched from Cypress to Playwright for faster and more reliable end-to-end testing.
  3. Gasless DNSSEC Support (April 2024) – Made it easier to import traditional DNS names without on-chain transaction fees.

Deep Dive

1. ENSv2 & Namechain L2 Migration (June 2025)

Overview: ENS plans to move its main operations to a new Layer 2 network called “Namechain,” developed with Linea. This change aims to cut down on gas fees (transaction costs) and improve how well the system scales as more users join.

By separating ENS from the Ethereum main network, users will enjoy cheaper domain registrations and interactions, while still keeping the system decentralized. Developers are updating smart contracts to work smoothly across different blockchains, and early testing on test networks started in June 2025.

What this means: This is a positive development for ENS because lower fees can encourage more people to register .eth domains and use ENS as a digital identity tool in Web3. (Source)

2. Testing Infrastructure Upgrade (April 2024)

Overview: ENS upgraded its testing tools by switching from Cypress to Playwright. This change cut test times by 40% and made testing more reliable.

The update fixed issues with wallet interactions and created isolated testing environments, allowing faster rollout of features like managing subdomains and updating resolvers.

What this means: While this doesn’t directly affect users, it improves ENS’s long-term reliability by reducing bugs in important processes like domain transfers. (Source)

3. Gasless DNSSEC Support (April 2024)

Overview: ENS now supports importing traditional DNS domain names (like .com) without requiring on-chain transactions, thanks to gasless DNSSEC support.

This off-chain method uses gateways to resolve domain names, lowering costs for users who don’t own .eth domains, while still working with existing on-chain methods.

What this means: This is a win for ENS because it connects traditional web users (Web2) with decentralized Web3 identities, expanding ENS’s reach without the burden of Ethereum transaction fees. (Source)

Conclusion

ENS’s recent updates focus on making the system more scalable (Layer 2 migration), secure (better testing), and accessible (gasless DNS imports). These improvements strengthen ENS’s position as a key identity platform in Web3. While short-term price changes may happen, these upgrades support long-term growth and adoption.

What to watch: How will the ENSv2 Layer 2 rollout affect user numbers and developer activity in the last quarter of 2025?