|
Getting your Trinity Audio player ready...
|
- Whales have sold over 140M ENA, raising distribution risks.
- A cup-and-handle setup points to $1.00–$1.25 if resistance breaks.
- Rising spot volume and short squeezes fuel bullish momentum.
Stay ahead with real-time updates and insights—Join our Telegram channel!
Ethena (ENA) has come under pressure in recent weeks as whale wallets continued transferring large sums to exchanges. A recent 5 million ENA deposit worth $3.81 million added to the growing supply-side concerns, bringing total whale distributions to over 140 million ENA.
Despite this selling pressure, ENA traded at $0.7613 at press time, up 3.28% daily. The positive price action suggested that retail and mid-tier buyers were actively absorbing supply. However, questions remain about whether this momentum can hold if whales keep unloading.
Whales sold over 140 million Ethena $ENA! pic.twitter.com/ns9ZMZD4uK
— Ali (@ali_charts) September 7, 2025
Cup-and-Handle Pattern Signals Breakout Potential
On the technical front, ENA’s daily chart revealed a well-formed cup-and-handle setup, a bullish continuation pattern. If bulls successfully push above resistance near $0.85, price targets of $1.00 and $1.25 could come into play.
Strong support sits near $0.65, a level repeatedly tested in recent sessions. Losing this zone could stall momentum, but as long as the neckline holds, the bullish breakout scenario remains intact.
Rising Volume and Liquidations Add Fuel
Spot trading volumes have surged in recent days, indicating rising market participation. Historically, such spikes often precede strong directional moves. At the same time, liquidation data showed more than $500K in short positions were wiped out in 24 hours, forcing buy-backs and amplifying bullish pressure.
The combination of strong technicals, elevated volumes, and a short squeeze gives ENA bulls an edge—if they can overcome the heavy selling from whales.
Also Read: Ethena [ENA] Price Volatility and USDe Growth: Key Updates for Investors
Can Bulls Outweigh Whale Distribution?
ENA’s near-term outlook remains finely balanced. Whale exchange inflows continue to weigh on sentiment, but technical indicators and liquidation data strengthen the bullish case. If buyers hold firm above $0.85, a move toward $1.00 or beyond could be within reach.
For now, ENA’s performance hinges on whether market demand can outmatch persistent whale-driven supply.
Stay ahead with real-time updates and insights—Join our Telegram channel!
Disclaimer: The information in this article is for general purposes only and does not constitute financial advice. The author’s views are personal and may not reflect the views of Chain Affairs. Before making any investment decisions, you should always conduct your own research. Chain Affairs is not responsible for any financial losses
I’m a crypto enthusiast with a background in finance. I’m fascinated by the potential of crypto to disrupt traditional financial systems. I’m always on the lookout for new and innovative projects in the space. I believe that crypto has the potential to create a more equitable and inclusive financial system.
