Ethena Whales Capitalize on Market Dip: Can ENA Surge to $0.3462?

Key Highlights

Indicators Supporting ENA's Rebound

• Whale accumulation intensifies between $0.2450 and $0.2750, with lower wicks and oversold RSI backing a potential recovery.
• Taker Buy CVD indicates buyers absorbing sell pressure, while a long/short ratio of 2.16 bolsters bullish momentum.

Ethena (ENA) whales have significantly increased their holdings, acquiring 14.56 million ENA from Binance and Wintermute, raising their monthly total to 17.56 million ENA. This move towards staking signals a strong confidence despite unrealized losses. The aggressive buying aligns with ENA's test of a historical demand zone, drawing interest from traders anticipating early trend shifts. Whale activity typically increases when prices sweep liquidity within compression zones. Furthermore, staking reduces circulating supply, alleviating sell pressure during volatile periods. This contraction strengthens bullish setups as market participants respond swiftly when whales accumulate near reactive levels. ENA now stands at a pivotal juncture where whale sentiment could influence broader market perceptions.

Is ENA Set for a Demand-Zone Rebound?

ENA remains within its historical demand zone of $0.2450 to $0.2750, a region that has previously triggered significant rallies. The structure shows multiple long lower wicks near $0.2650, indicating strong absorption whenever the price dips into this zone. However, ENA still trades below the immediate resistance level of $0.3462, a crucial threshold needed to confirm any directional momentum shift. The RSI is at 32, with an upward curve suggesting early stabilization after a sharp decline from $0.5033. If buyers continue to defend $0.2450, ENA has a clear path toward $0.3462, and breaking above this level could lead to $0.5033, the next major resistance.

Futures Buyers Strengthen Their Position

Taker Buy CVD shows evident buyer strength, with aggressive traders lifting offers and absorbing sell orders. This shift often precedes an upward trend, especially when spot activity cools and large players accumulate. The RSI stabilizing near oversold conditions adds relevance to this signal. Futures traders typically enter early when sensing inefficiency between spot weakness and structural support. Rising CVD confirms active absorption, creating higher lows in short-term candles. This dynamic aligns with the demand-zone reaction, where buyers aim to establish new momentum. Ethena gains stronger bullish potential as derivatives buyers dominate volume flow.

Long Traders Tighten Grip as Upside Positioning Grows

Long accounts reached 68.39% on Binance, pushing the long/short ratio to 2.16. This suggests traders strongly anticipate an upside continuation from ENA’s compression zone. However, increased leverage introduces volatility, as sudden wicks can challenge both sides before momentum settles. Nevertheless, the rising long bias aligns with improving CVD strength and clear whale accumulation near the lower boundary. Ethena is printing stabilization candles within the demand zone, strengthening conviction among leveraged traders. Increased long exposure typically occurs when price holds a historically reactive level with structural support. Market participants are now positioning for a potential breakout toward the next resistance cluster.

Conclusively, ENA builds a strong recovery narrative as whales accumulate, RSI steadies, derivatives buyers dominate, and long traders increase exposure. These combined metrics create a unified bullish signal around the demand zone and reinforce the probability of a rebound toward the next resistance levels. If buyers defend this base for a few more sessions, Ethena gains a clearer path toward a decisive upward continuation.