The Ethena – ENA currency has seen tight trading since recovering from the drop that touched 0.23. Over the past few days, prices have remained confined within a cohesive range oscillating between 0.27 – 0.29, without any clear breakout.
At the time of preparing this report, ENA was trading near 0.28, achieving a slight increase of no more than 0.36%, which created a state of price calm that allowed for attractive accumulation opportunities for whales ✧.
✧ ENA whales are moving aggressively… and buying without hesitation ⚡
Over the last four days, the pace of buying the currency by large wallets has doubled, as immediate demand data showed a significant increase in buy orders.
The momentum of these orders increased after ENA rose towards a local peak at 0.29, which often indicates noticeable activity from whales either entering or exiting, but…
✦ Market indicators confirmed that buying activity was dominant during the same four days, as evidenced by the continuous rise of the CVD index, reflecting the superiority of buyers over sellers.
⚡ The largest transaction: Buying 17.76 million ENA
One of the whales executed a series of massive movements recently; it transferred enormous liquidity and then moved to buy the alternative currency through various trading channels. The most notable step was allocating 6.6 million USDC to capture ENA, of which 5.1 million USDC was used to acquire 17.76 million ENA in one go ✦.
And it still holds about 6.51 million available for use, opening the door for potential new buying operations ⧫.
Flow data also showed that the net flow of ENA remained negative for four consecutive days, meaning that more currencies are being withdrawn from the market than are being injected— a classic sign of strong accumulation.
✦ Will this accumulation reflect on the price?
Despite the significant increase in whale interest, the upward momentum remains low; ENA is still trading below the moving averages MA50 and MA200, indicating that buyers have not yet taken control of the market.
The DMI trend indicator shows that the market is still in a negative zone, even though it is experiencing a gradual increase, reflecting a downward bias where any breakout attempt is sold.
⚠ If these conditions persist, the price may return to the range of 0.23 before making another attempt to rebound.
But…
✦ If the massive accumulation effect of the whales finally reflects on the price movement, ENA may first recover to the level of 0.30, then move towards testing 0.36 at the MA50 moving average ✧.
