Ethereum Name Service (ENS) experienced a drop in domain registrations in Q2, with June seeing a 30% decrease from May.

Primary ENS name registrations also hit a year-to-date low in June.

Despite lower gas fees, the stagnant price of Ether (CRYPTO:ETH) led to reduced interest in .eth domain names.

ENS derivatives open interest plummeted 48% in the past week, alongside a 25% drop in the token’s price.

The market consolidation contributed to decreased spending on domain registrations.

ENS faces bearish sentiment, with its Relative Strength Index (RSI) below the neutral point, indicating a potential further decline in price.