$ENS Ethereum Name Service (ENS) rose 6.24% in 24h due to bullish technical patterns, institutional accumulation, and Ethereum ecosystem momentum.
Breakout above $30 resistance triggered short-term bullish momentum
Trend Research’s $5.5M token withdrawal signaled institutional confidence
Ethereum’s 10-year anniversary boosted ENS as key infrastructure play
Deep Dive
1. Technical catalyst
ENS broke above the $29.90-$30.20 resistance zone on July 24 , activating a bullish cup-and-handle pattern targeting $38.56. The move coincided with:
RSI14 at 75.84 (overbought but holding)
MACD bullish crossover (2.42 vs 2.08 signal line)
4-hour chart showing 8% pullback before rebound
This technical strength liquidated $2.1M in shorts on July 23 (CoinGlass data), creating upward pressure.
2. Institutional flows
Trend Research acquired 203,105 ENS ($5.5M) on July 23 (CoinMarketCap), their first major ENS purchase in 12 months. The withdrawal from Binance to cold storage suggests:
Strategic positioning before ENSv2 L2 launch
Confidence in .eth domain growth (750K+ .base.eth names registered)
Reduced sell-side liquidity as whales hold 81.93% of supply
3. Ethereum ecosystem tailwinds
ENS benefited from Ethereum’s 10-year anniversary celebrations (July 30) and:
BlackRock’s $426M ETH ETF inflow on July 22.
Base App integration using ENS as default identity layer (ENS Domains)
Altcoin season index rising 142% monthly to 46 (neutral but improving)
Conclusion
ENS’s rally combines technical momentum with strategic accumulation and Ethereum’s resurgent narrative. While derivatives traders remain cautious (55.45% shorts), the protocol’s role in Web3 identity and upcoming ENSv2 upgrade provide fundamental support.
Will ENS sustain its breakout if Ethereum ETF flows slow this week?
#ENS