Ethena (ENA) Price Outlook

Potential Surge
ENA could soar by 65% to reach the $0.65 level if it holds the $0.36 level.

Traders’ Leveraged Positions
Traders were over-leveraged at $0.394 on the lower side and at $0.418 on the upper side.

Ethena (ENA) is gaining attention from crypto enthusiasts amid market uncertainty. At the time of writing, the blockchain-based transaction tracker Lookonchain posted on X (formerly Twitter) that a newly created wallet had withdrawn 14.51 million ENA tokens worth $5.95 million from Binance. This substantial token withdrawal hints at potential accumulation by crypto whales and exemplifies the “Buy the Dip” strategy.

$2.10 Million Worth of ENA Outflow

In addition to the notable withdrawal, investors and long-term holders have been accumulating the token, as reported by Coinglass. Data from Spot Inflow/Outflow reveals that exchanges have witnessed an outflow of $2.10 million worth of ENA tokens in the past 24 hours. With these metrics combined, it appears that whales are on a buying spree, potentially creating buying pressure and driving further price rallies.

However, data from the on-chain analytics firm IntoTheBlock reports that the large transaction volume for ENA has surged by 1,030% in the past 24 hours, along with a 64% increase in daily active addresses during the same period. This suggests that whales and institutions are returning and actively participating in the token.

Key Levels of ENA

As of now, the major liquidation areas were $0.394 on the lower side and $0.418 on the upper side, with intraday traders over-leveraged at these levels. If bearish market sentiment continues and the price drops to $0.394, approximately $6.26 million worth of long positions will be liquidated, as traders built these positions hoping the ENA price wouldn’t fall below this level. Conversely, if sentiment shifts and the price rises to $0.418, nearly $2.44 million worth of short positions will be liquidated. Given these over-leveraged positions for both bulls and bears, bulls are currently dominating, which could contribute to a recovery soon.

Ethena’s Price Action and Upcoming Level

Currently, ENA is trading near $0.41, having surged over 4.50% in the past 24 hours. According to AMBCrypto’s price analysis, ENA is at a strong support level of $0.41, known for significant price reversals. If ENA holds above the $0.36 level in the coming days, it could potentially rally by 65% to reach $0.65 in the future.