Ethereum Name Service rally faces doubt as traders short: Will bulls hold $26?
The post Ethereum Name Service rally faces doubt as traders short: Will bulls hold $26? appeared on BitcoinEthereumNews.com.
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…
Filed under: News - @ July 17, 2025 1:19 am