How do I bid for an ENS name?

As a cryptocurrency enthusiast, I'm interested in bidding for an ENS name but I'm not quite sure how the process works. Could you please explain in simple terms how I can go about bidding for an ENS name? I understand it involves some form of auction, but I'm not sure of the specific steps I need to take. Do I need to have a certain amount of Ether in my wallet? Are there any limitations or restrictions to bidding? I'd appreciate a clear and concise overview of the bidding process for ENS names.