{"content":"Ethereum Pumps, ENS Follows — Is a $30 Breakout Coming? The Ethereum Name Service, an Ethereum-based identification layer, rose double-digits in 24 hours. ENS Open Interest rises almost 50% to $131 million, indicating derivative trading interest. Exchange ENS supply hits a record low, signaling a drop in selling pressure. Ethereum Name Service (ENS), a name system based on Ethereum (ETH), rose over 8% at press time on Wednesday, outperforming the crypto market with double-digit gains in 24 hours. Ethereum's strong recovery above $3,100 boosts the ENS surge as part of its ecosystem, implying Web3 demand. Last 24 hours, ENS OI reached $131.58 million. OI indicates increased derivatives market capital inflow, which may raise trader interest. In the previous 8 hours, OI-weighted funding rate rose from 0.0028% to 0.0149%, indicating traders' optimism. Bulls pay positive financing rates to balance swap and spot pricing. Exchange ENS supplies fell to a historic low. Santiment data indicates exchange ENS supply falling to 4.99 million tokens, the lowest since November 14. According to the demand-supply connection, lowering ENS supply might boost demand and continue the bullish trend. ENS hopes to reach $30 amid optimistic momentum On Wednesday, ENS posts its fourth straight bullish candle on the daily chart, recovering $26 after five months. July's 41% surge is due to the recovery run, which targets $30.29 resistance last touched on February 3. A decisive closing above this level might continue the uptrend above $34.51, last touched February 1, and $38.57, the year-to-date high. A rising 50-day Exponential Moving Average (EMA) is about to surpass the 100-day EMA, indicating a buy signal as short-term growth surpasses medium-term growth. If ENS loses momentum, a negative reversal might retest $24.88, the February 9 daily close. #ETHBreaks3k #ETH #ENS #CPIWatch #AltcoinSeasonLoading $ETH $ENS ","images":["https://d2kdcqywr8ua22.cloudfront.net/uploadfile/article/blog/2025072025/07/16/f5fd13070612443393ea395b010fa0e1.png"],"tags":[],"tradingPairs":["ENS/USDT"],"quotearticleid":0}