ENS slips 12% into bargain bin 🪙 — buyers pile in $2.3M deep, chart begs to differ

Ethereum Name Service ($ENS) shed 12% over the past 24 hours as bearish sentiment and sustained selling pressure weighed on the token, though on-chain accumulation reached a record level during the decline. The drop pushed $ENS into a key demand zone, the final cushion separating it from its recent low of $4.28 set on June 6, a level that has historically drawn positive reactions. A green candle is forming on the 4-hour chart at the zone, indicating that bullish demand is building at the area.

If buyers respect the demand zone, $ENS could rally toward the nearest upside target of $5.06 and the upper target of $5.82. If sellers retain control, the token risks extending its slide toward a fresh low, as it did earlier this month. The Bollinger Bands show $ENS reaching the mid-band, which has since flipped into resistance; a rejection off this mid-band typically forces the asset toward the lower band, sitting at roughly $4.32, slightly above the lower price target.

The Moving Average Ribbon, which combines the 20, 50, 100 and 200 SMAs, confirms the bearish setup. At the time of writing, the SMA 50 had just crossed below the SMA 100, while the SMA 200 remains elevated well above the other averages and the SMA 50 sits at the lowest level. Together, the indicators suggest $ENS could drop further toward either the lower Bollinger Band or its previous low before staging any rebound.

CoinGlass spot netflow data for $ENS shows investors buying roughly $2.3 million more of the asset than they have sold across the market, the widest accumulation gap recorded for the token to date. The reading tracks how much $ENS has moved off cryptocurrency exchanges into private wallets, a pattern that often signals longer-term conviction. If the netflow continues to favor buyers, $ENS stands a stronger chance of holding its ground and resisting a deeper decline.