Ethena (ENA) Whale Accumulation Sparks Macro Breakout
Ethena (ENA) initially faced a 5.35% pullback to $0.70 as whales absorbed 32M tokens and short positions rose. A 6% correction tested July trendline support, while the Supertrend indicator remained bullish. Shortly after, Ethena (ENA) regained momentum when a single whale bought 25M ENA ($6.7M) on Bybit, lifting holdings to 285M tokens. Net exchange outflows of $1.85M tightened sell-side liquidity. ENA now trades at $0.2624, up 7.97% and supported in the $0.22–$0.28 demand zone. On-chain indicators—including RSI at 37, dominant Taker Buy CVD, and 9.34% OI growth to $334.9M—confirm rising momentum. Traders should monitor key support and liquidation thresholds for short-term corrections within this bullish setup.
Bullish
Heavy whale accumulation and significant exchange outflows have tightened sell-side liquidity, while on-chain indicators such as a rising RSI, dominant Taker Buy CVD, and growing OI confirm strengthening momentum. Although initial pullbacks and rising short positions hinted at near-term corrections, the subsequent large-scale buy and macro breakout setup signal a bullish trend. Traders may see short-term volatility at support and liquidation levels, but the medium-term outlook remains bullish as whales continue to accumulate.