Ethereum Name Service rally faces doubt as traders short: Will bulls hold $26?

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.