Ethereum Name Service(ENS) is facing pullback pressure, and the price may fall to $25.20 support level.

On July 23, the overall crypto market experienced a price pullback. Against this backdrop, the Ethereum Name Service (ENS) reached a key resistance level and began to face selling pressure. Although ENS rose 3.5% in the past 24 hours, its price has already pulled back and may decline further. Technical Analysis shows that ENS could pull back to a support level of $25.20 unless it breaks through the resistance level of $29.90 and maintains above $30.20.

The possibility of ENS price falling

ENS stabilized around $27.80 on July 23, experiencing a 3.5% rise over the past 24 hours, but after reaching $29.93, it began to pull back, facing strong selling pressure. Despite the price pullback, investor participation significantly increased, leading to a surge in trading volume by 85%. According to AMBCrypto's Technical Analysis, although ENS shows a rising trend, it is currently facing a pullback due to the recent excessive price increase.

On shorter time frames, especially on the 4-hour chart, ENS has formed a classic bearish triple top price pattern. This altcoin has broken the local support level of $28, which opens up space for further downward price movement.

Price down target: $25.20

If ENS continues to fall, there is an 8% downside potential, and the price may drop to $25.20. Recent trading activity has further strengthened this bearish expectation. According to on-chain data from CoinGlass, the Long/Short ratio for ENS is 0.8034, indicating strong bearish sentiment. At the same time, 44.55% of top traders hold bullish long positions, while 55.45% hold bearish short positions, suggesting that bears are dominating the market.

Possibility of a Bullish Scenario

This bearish scenario will only change if the ENS price rebounds and breaks through the key resistance level of $29.90. If ENS breaks above $29.90 and closes steadily above $30.20, it could lead to a reversal in market sentiment, initiating a bullish trend where the price may rise over 25% and is expected to reach the level of $37.90.

Conclusion: ENS is currently facing strong selling pressure and may pull back to $25.20. However, if the price breaks through the key resistance level and maintains its pump, it could see an upside potential of over 25%. Investors should closely monitor the key technical levels of the ENS price and be prepared to respond to market fluctuations.