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