Ethena Price Rebounds as Whales Buy, 30% Upside in Sight
Ethena price rebounded from $0.222 to $0.47, up over 210% as USDe stablecoin held its $1 peg after a brief dip. Whale wallets boosted ENA holdings from 39.2 million to 46.6 million tokens. Ethena Labs published over-collateralized reserve proofs totaling $12.25 billion in BTC, ETH and liquid stablecoins against a $12.18 billion USDe supply. A new partnership with Conduit opens stablecoin development across 55% of Ethereum chains. Exchange balances fell from 4.94 billion to 4.58 billion ENA, reducing selling pressure. Despite a bearish EMA death cross risk, technical analysis shows a double-top break at $0.606 and a rebound to $0.50. A sustained rise above $0.606 could drive a further 30% upside, while failure may test the year’s low of $0.1475.
Bullish
Ethena price has rebounded strongly from record lows, with whale accumulation and reduced exchange balances indicating growing confidence. The partnership with Conduit expands its ecosystem, potentially enhancing demand. Technical analysis shows a breakout above the double-top neckline at $0.606, suggesting potential for a 30% rally. Although a 50/200-day EMA death cross signals caution, the current momentum and fundamental backing by over-collateralized reserves underpin a bullish outlook for ENA in both the short and medium term.