ENS traders cautious as shorts outpace longs: Is a downside ahead?

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.