- Whales reduced holdings by 3.6% last month; mid-tier and retail buyers increased stakes by 19% and 10% respectively.
- Exchange outflows exceed inflows, suggesting accumulation; rising open interest signals traders expect a large price move soon.
Ethena has traded inside a descending channel since late 2024, with each rally halted near the upper trendline. Currently, price is testing resistance at $0.36, just above the 100-day moving average of $0.3479.
A daily close above $0.37 could clear the path to $0.45, but traders must watch for volume spikes to push past $0.41, where supply clusters sit.
Data show 5.5 percent of wallets hold unrealized gains, 25.4 percent sit at a loss, and 69.1 percent hover around breakeven between $0.34 and $0.41. Investors often sell into rallies to lock in gains or cut losses. Consequently, any breakout must overcome this layer of selling pressure before advancing.
Whales have reduced their exposure by 3.6 percent over the past month, while mid-tier and retail investors have upped their stakes by 19.2 percent and 10.4 percent, respectively. Smaller players appear more confident in ENA’s prospects. However, a sustainable move usually requires large buyers to fuel momentum beyond technical barriers.
Meanwhile, wallet flows show more tokens leaving exchanges than entering. Spot outflows reached $10.5 million against $7.8 million in inflows, a trend that often signals growing holder conviction and reduced sell pressure. If this pattern holds, it could tighten supply and set the stage for a rally, assuming overall market sentiment remains favorable.
Derivatives data further underline rising interest. Open interest in ENA rose 10.5 percent to $484.5 million, suggesting traders expect a major move. Should price clear channel resistance, short positions may face a squeeze, driving a swift run higher. However, elevated open interest can also magnify swings in both directions.
Bulls must push price above the channel and break the breakeven zone to target $0.45 and beyond. Absent renewed whale support, success depends on steady accumulation, clear volume confirmation, and a clean break past $0.41. Until then, traders may face choppy action around current levels.
Ethena (ENA) is trading at $0.3624 USD, showing a +1.8% daily gain and +8.5% increase over the past week. Despite this upward movement, ENA is still trading −76.1% below its all-time high of $1.52 (set on April 11, 2024), but it remains +86% above its all-time low of $0.1951 (September 6, 2024).
ENA currently ranks #56 by market cap with a valuation of $2.2 billion, and boasts a 24-hour trading volume of $353.6 million.
From a technical standpoint, ENA is consolidating within a short-term bullish channel. A breakout above the $0.3750 resistance could trigger renewed momentum toward the $0.42–$0.50 zone, while failure to hold above $0.35 might result in a retest of support near $0.32. Volume and volatility remain elevated, suggesting active trading interest and potential for sharp moves in either direction.
Fundamentally, Ethena is gaining attention as a DeFi-native synthetic dollar protocol. Its core product, USDe (the “Internet Bond”), offers yield-generating capabilities tied to DeFi markets without reliance on traditional banks. Ethena also boasts over $5.89 billion in TVL (total value locked), underscoring significant user engagement and capital allocation within its ecosystem.
