Ethereum News Today: Ethereum Name Service surges 38.32% in week driven by Coinbase listing and derivatives volume spike

Ethereum Name Service (ENS) has experienced a significant surge in price, with a 38.32% increase over the past week. This rally has pushed the price past a long-held resistance level at $24, indicating strong bullish momentum. The price has also seen a substantial 19.45% rally in just 24 hours, driven by a combination of strong fundamentals, including the direct listing of ENS on Coinbase Germany and a massive 157% spike in derivatives volume.

The current price of ENS is now trading in territory not seen since February, with volume soaring by 207%. This surge in price and volume has led to speculation about whether ENS is poised for a breakout or if a pullback is on the horizon. The Relative Strength Index (RSI) has hit 78.17, indicating overbought conditions and suggesting potential consolidation or a pullback. However, if the price manages to break above the immediate resistance at $27.71, the next major target for ENS could be $37.91, a level that was common in 2023.

Open interest in ENS futures has also surged, reaching levels not seen since early 2024. This rising open interest, now inching towards $120 million, indicates strong capital inflow into leveraged positions. The alignment of price and open interest trends reinforces the bullish thesis, suggesting that the rally is backed by fresh speculative demand rather than short-term hype.

On the price chart, ENS has shown a strong breakout from the $24–$25 zone, which had previously acted as a stubborn resistance. This breakout is supported by rising volume, a close above the 200-day Exponential Moving Average (EMA) at $20.85, and a breach of the 23.6% Fibonacci retracement level at $22.49. The Bollinger Bands are widening, indicating increasing volatility and a strong bullish bias.

With the current price of $26.47, ENS is rapidly approaching its immediate resistance at $27.71. If bulls manage to sustain this momentum, the next major target for ENS is at $37.91. However, if the price fails to hold above the immediate support level at $24.24, a deeper correction toward $18.30 cannot be ruled out. Given the strength of the current breakout, bulls appear to be in firm control for now.