Ethereum Name Service Price Soars 38% in a Week, Is $38 the Next Target?

The Ethereum Name Service (ENS) price has increased significantly, rising 38.32% in the last week and 19.45% in the last 24 hours. This surge is attributed to Coinbase Germany listing ENS and a large increase (157%) in derivatives trading volume. Open interest in ENS futures has also increased, suggesting more money is flowing into leveraged positions. The current price is around $26.47. If it breaks above $27.71, the next target is $37.91. However, a drop below $24.24 could lead to a correction towards $18.30. The Relative Strength Index (RSI) indicates ENS is currently overbought.