ENS continued to weaken in the last 24 hours, falling by 12 per cent. Prices have fallen back to a region that has repeatedly been supported in history, and the market is concerned about whether this position will prevent further decline.

The price is back near the low.

From the surface, ENS is close to the $4.28 low point created this month on the sixth day. The current area is considered to be a critical support in the short-term, and once the purchase continues, there is an opportunity to see prices at the target levels of $5.06 and $5.82.

However, if the seller continues to dominate, ENS may also break the current area and retest the vicinity of $4.28 or even refresh the lower point of the phase.

Short-line indicators are still weak

Inter-temporal indicators of volatility indicate that ENS rebounded to a middle track and this position is now converted to resistance. If it is not possible to re-establish itself, the price may continue to move down to the lower orbit, roughly in the vicinity of $4.32.

The structure of the line has not been significantly strengthened. It is mentioned that the 50-day mean line is already penetrating the 100-day average, which is a common oscillation signal, while 200-day mean lines are still significantly above the other mean lines, indicating that the overall lower line structure has not been broken.

Increase in net spot inflows

The CoinGlass data show that ENS net spot flows increased significantly during the statistical period, buying on a scale about $2.3 million more than sold, one of the large cumulative differences of the assets to date.

Such data usually reflect that some investors are transferring ENS from the exchange to private wallets. The market generally views such behaviour as a medium- and long-term sign of bias, which also helps to ease short-line outages.

If the net inflow continues at a high level, ENS is expected to gain more support in the current region; however, the continued rebound of prices until the technical aspects are reversed will depend on the buyout keeping the support belt.