Key Takeaways
Ethereum Name Service just hit a 5-month high amid a strong spot market breakout. Can ENS flip $30 if shorts keep stacking up?
Ethereum Name Service [ENS] jumped 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.
Source: Coinalyze
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.
Source: Santiment
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.
Source: CoinGlass
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.
Source: CoinGlass
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.
Source: Coinglass
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.
Source: TradingView
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.
Next: PUMP token climbs 30% – Decoding the $19.2M buyback effect
