Over 250K ENS tokens exited exchanges, pushing the price from $18 to $30. With no new inflows and liquidity building at $32 and $26, traders now eye a breakout or correction before a potential $45 move.
Ethereum Name Service [ENS] extended its rally by more than 10% in the past 24 hours, climbing from a mid-July low of $18 to nearly $30.
This price jump aligned with a sharp drop in Exchange Reserves and a visible spike in Exchange Outflows, signaling strong accumulation.
But can this momentum continue, or are profit-taking pressures about to kick in?
Data from CryptoQuant shows that over 250,000 ENS tokens were withdrawn from the top 10 exchanges around mid-July.
When the price was overlaid on this data, ENS had surged from $18 to $30 at the time of writing. This withdrawal was a hint that market participants were anticipating this move.
Since Exchange Outflows usually point to reduced sell pressure, the lack of new Inflows implies that investors are still holding — possibly expecting more upside.
Now, assessing the impact on the price action, the ENS price was trading around the $30 level. This matched with the shifting market structure of the ENS where it was now making new, higher lows.
Seconding this bullish outlook were the Chaikin Money Flow (CMF) and MACD, which were all in support. The CMF was at 0.1 while the MACD had turned green, at press time, but the momentum was reducing, potentially because of the range around $30.
Alternatively, ENS price could remained around the $30 zone, which could prompt some holders to liquidate their positions in fear of wiping out garnered profits.
A break and sustained stay above $30 could open the door for a move toward $45. A reclaim of the $45 could spark more bullishness, which could in turn drive the price past $50.
However, is the liquidity enough to actualize this?
According to CoinGlass’ 24-hour Liquidation Heatmap, ENS is sandwiched between two critical zones.
Liquidity above $32-$34 could act as a short squeeze trigger, fueling an upside breakout. And, liquidity below $29, especially near $26, poses downside risk if longs get flushed.
If ENS holds above $30 and triggers liquidations near $32, it could push toward $34-$35. However, if support at $29 breaks, weak-handed longs may exit, dragging the price back to $26 before a bounce.
