Ethereum Name Service rally faces doubt as traders short: Will bulls hold $26?
2025-07-16 22:04:45
Main Idea
Ethereum Name Service (ENS) reached a 5-month high amid strong spot market activity, but traders' short positions and exchange netflows suggest potential resistance or retracement.
Key Points
1. ENS surged 18.2% to $26.76, marking a 5-month high, with trading volume spiking 197% to $369 million.
2. Buy-Sell Delta turned positive for four consecutive days, indicating higher demand with 80k more buy volume than sell volume.
3. Despite the price surge, short positions dominated at 50.75%, and the Long/Short Ratio remained neutral at 0.97.
4. Exchange netflows showed $3.46 million worth of ENS moved to exchanges, suggesting potential profit-taking by traders.
5. Technical indicators like Stochastic RSI (100) and RVGI (0.37) suggest ENS is overbought; resistance at $30 or retracement to $23.06 is possible.
Description
Shorts are piling in, Netflows are rising. What happens next for ENS to remain above $26?
Latest News
- Korean whales load up, But PENGU’s rally may stall without…2025-07-17 17:25:45
- 80K Bitcoin offloaded as $120K turns into resistance: A fall ahead?2025-07-17 16:11:02
- 73% Dogecoin traders go long – Is the market too one-sided to sustain gains?2025-07-17 15:29:12
- Fartcoin surges 18% – Identifying key factors you need to watch2025-07-17 14:20:55
- Assessing why XRP’s run to its ATH faces a MAJOR risk!2025-07-17 13:13:04