ENS continued its downward trend over the past 24 hours, falling by 12%. The price has retreated to a support zone that has historically seen support multiple times, and the market is watching to see if this level can prevent further declines.
Prices returned to near previous lows
From a technical perspective, the ENS is approaching the low of $4.28 reached on the 6th of this month. This area is considered a key short-term support level; if buying continues, the price could potentially reach the targets of $5.06 and $5.82.
However, if sellers continue to dominate, the ENS could fall below the current area, retest the $4.28 level, or even hit a new low for the period.
Short-term indicators remain weak.
The volatility indicator shows that the ENS encountered resistance after rebounding to the middle band, which has now become a resistance level. If it fails to regain this level, the price may continue downwards towards the lower band, roughly around $4.32.
The moving average structure has not shown a significant strengthening. The article mentions that the 50-day moving average has crossed below the 100-day moving average, a common bearish signal; meanwhile, the 200-day moving average remains significantly higher than other moving averages, indicating that the overall downward trend has not yet been broken.
Net spot inflows expanded
CoinGlass data shows that ENS spot net inflows strengthened significantly during the reporting period, with buying exceeding selling by approximately $2.3 million, one of the largest cumulative differences for the asset to date.
This type of data typically reflects that some investors are transferring ENS from exchanges to private wallets. The market generally views this behavior as a signal of a preference for medium- to long-term holding, and it also helps to alleviate short-term selling pressure.
If net inflows continue to remain at a high level, ENS is expected to find more support in the current area; however, before the technical outlook reverses, whether prices can form a sustained rebound still depends on whether buying can hold this support zone.
