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Ethereum-Name Service just just hit a highest point of 5 months in the middle of a strong spot market failure. Can Ens $ 30 turn around if shorts keep stacking?
Ethereum Name Service [ENS] jumped with 18.2% to reach a highest point of 5 months of $ 26.76, which broke out of his long -standing trend.
In the same period, the 197% Trade Volume was up to $ 369 million, which indicates increased on-chain and speculative activity.
The real question now: is this a flash rally or the start of a larger trend?
Buy-Side Druk builds on spot markets
For the first time in 2025, Ethereum Name Service registered four consecutive days of positive buy-sell Delta.
On July 16, ENS 443K registered in purchase volume compared to 363K in sales volume, which reflects a higher demand. The same pattern appeared in the past three days, with purchase volume exceeded one.
Source: Coinalyze
As a result, the market registered a positive buy-sell Delta from this letter, a clear sign of aggressive place accumulation.
Santiment data has added weight to this dissertation. Ens’ price – DAA – Divergency remained positive throughout the week – with an increase in rising network use in addition to the price increase.
That is usually a sign that the growth of users feeds the rally, not just speculation.
Source: Santiment
Derivatives traders do not buy the outbreak
Interestingly, when we investigate Ethereum Name Services derivatives, it seems that investors ran the market to bet against the market.
Source: Coinglass
According to Coinglass, the open interest rose by 47.77% to $ 132.19 million, while the derivatives volume 220.68% rose to $ 517.93 million.
But the wider long/short ratio did not run bullish and remained 0.97 from the moment of press. Short positions still made up 50.75% of the transactions.
Source: Coinglass
Even with Binance, long/short ratios for top traders between 1.36 and 1.69 fluctuated, which only showed moderate LangzaDsing.
This indicates skepticism between Futures traders, many of whom seem to have the rally fail.
Is taking a profit underway?
It is not surprising that, while the prices collected, it created a profitable window for holders who had been flooded in the last 5 months.
Netflow data showed $ 3.46 million in Ens that moved to exchanges – the highest level this year.
For three consecutive days, positive Netflows suggest that traders can lock profit after retaining months of underwater prices.
Source: Coinglass
When stock markets registered a positive Netflow, this indicates more deposits than recordings, which confirms the aggressive profit increase.
Can Ens continue with the upward trend?
According to the analysis of Ambcrypto, Ethereum Name Service experienced a strong revival as the question recovered.
As a result, the stochastic RSI rose from the Altcoins to 100 and focused in the overboughtzone. At the same time, RVGI rose to 0.37, which indicates a strong up momentum.
Source: TradingView
Although these indicators support the dominance of the buyer, they also increase the risk of volatility ahead.
If Bulls maintains control, Ens could then test the $ 30 resistance. However, if the sales pressure increases, a retracement to $ 23.06 is probably probably.