ENS Bulls vs. Bears: Who’s Winning the Ethereum Name Service Battle?

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Key Takeaways

Ethereum Name Service hits a 5-month high, but will it flip $30? Traders are divided as shorts stack up.

Ethereum Name Service [ENS] soared 18.2% to reach a 5-month high of $26.76, breaking out from its long-standing downtrend. 📈

Over the same period, trading volume spiked 197% to $369 million, indicating heightened on-chain and speculative activity. 📈

The real question now: is this a flash rally, or the start of a bigger trend? 🤔

Buy-side pressure builds on spot markets

For the first time in 2025, Ethereum Name Service recorded four consecutive days of positive Buy-Sell Delta. 🎉

On the 16th of July, ENS recorded 443k in Buy Volume compared to 363k in Sell Volume, reflecting a higher demand. The same pattern appeared over the past three days, with buy volume surpassing sell one. 📈

As a result, the market recorded a positive Buy-Sell Delta of 80k as of this writing, a clear sign of aggressive spot accumulation. 📈

Santiment data added weight to this thesis. ENS’ Price–DAA Divergence stayed positive all week—suggesting rising network usage alongside the price increase. 📈

That’s typically a sign that user growth is fueling the rally, not just speculation. 🤑

Derivatives traders aren’t buying the breakout

Interestingly, when we examine Ethereum Name Services derivatives, it seems investors rushed into the market to bet against the market. 🤔

According to CoinGlass, Open Interest jumped 47.77% to $132.19 million, while derivatives volume soared 220.68% to $517.93 million.

But the broader Long/Short Ratio didn’t flip bullish, remaining at 0.97 as of press time. Short Positions still made up 50.75% of trades. 📉

Even on Binance, Long/Short Ratios for top traders hovered between 1.36 and 1.69, showing only moderate long-side conviction. 📉

This indicates skepticism across futures traders, many of whom appear to be shorting the rally. 📉

Is profit-taking underway?

Unsurprisingly, as prices rallied, it created a profit-taking window for holders who had been underwater for the past 5 months. 💸

Netflow data showed $3.46 million worth of ENS moving to exchanges—the highest level this year. 💸

For three consecutive days, positive Netflows suggest traders may be locking in profits after holding through months of underwater prices. 💸

When Exchanges recorded positive Netflow, it indicates more deposits than withdrawals, confirming aggressive profit taking. 💸

Can ENS continue with the uptrend?

According to AMBCrypto’s analysis, Ethereum Name Service experienced a strong upswing as demand recovered. 📈

As a result, the altcoins’ Stochastic RSI surged to 100, edging into the overbought zone. At the same time, RVGI surged to 0.37, signaling strong upward momentum. 📈

While these indicators support buyer dominance, they also raise the risk of volatility ahead. 🎢

If bulls maintain control, ENS could test the $30 resistance next. However, if selling pressure increases, a retracement toward $23.06 is likely. 📉

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2025-07-17 01:32