Ethereum Name Service drops 12%, nears key support zone with potential rebound or further decline.

Ethereum Name Service (ENS) has fallen 12% in the past 24 hours due to bearish sentiment and selling pressure, approaching a critical demand zone near its recent low of $4.28. This zone has historically triggered buying interest, suggesting a possible short-term rebound toward $5.06 to $5.82. However, technical indicators like Bollinger Bands and moving averages signal continued downward pressure, risking a drop below the recent low before any recovery. Meanwhile, strong netflow data shows increased accumulation by investors, which could support a price floor and eventual bounce.