ENS traders cautious as shorts outpace longs: Is a downside ahead?
Main Idea
Ethereum Name Service (ENS) shows bearish signals despite a recent price surge, with traders cautious due to a low Long/Short Ratio and potential downside risks.
Key Points
1. ENS's price surged 3.5% but faced resistance at $29.90, with a bearish triple-top pattern suggesting a potential 8% drop to $25.20.
2. The Long/Short Ratio of 0.8034 indicates strong bearish sentiment, with 44.55% of top traders betting against ENS.
3. A bullish scenario would require ENS to break the $29.90 resistance and close above $30.20, potentially leading to a 25% rise to $37.90.
4. The overall crypto market experienced a price correction on July 23rd, contributing to ENS's current volatility.
Description
Ethereum Name Service [ENS] has climbed over 3.5%, but is now losing its gains.
$ENS
$27.982
-4.24%
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