Ethena Whales Buy the Dip – Can ENA Rebound Towards $0.3462?

As whale investors accumulate Ethena (ENA) tokens during recent price dips, there are signs of a potential rebound. This article explores key metrics and trends that indicate a strong bullish momentum developing around ENA, particularly within its historical demand zone.

Key Takeaways

Whale purchases have increased as ENA hovers around $0.2450–$0.2750, with signs of potential recovery supported by an oversold RSI and multiple lower wicks.
The Taker Buy CVD indicates that buyers are absorbing selling pressure, and a long/short ratio of 2.16 strengthens the bullish sentiment.
A notable whale has acquired 14.56 million ENA from Binance and Wintermute, raising its total to 17.56 million ENA, indicating strong confidence despite unrealized losses.
The aggressive accumulation by whales coincides with ENA retesting a critical historical demand zone, attracting trader interest for potential trend reversals.
Staking activity reduces circulating supply and limits selling pressure, reinforcing bullish setups as whales take significant positions near key support levels.
ENA is now at a critical juncture where whale actions significantly impact overall market sentiment.

Is ENA Poised for a Demand-Zone Rebound?

ENA remains within its historical demand zone, situated between $0.2450 and $0.2750, a range known for producing strong rallies in June and mid-July. The presence of multiple long lower wicks around the $0.2650 mark indicates robust buying interest every time the price dips into this range. However, ENA is currently trading below the crucial reaction level of $0.3462, which is essential for confirming any significant change in market momentum.

At present, the Relative Strength Index (RSI) is at 32, and its upward trend suggests some stabilization following a sharp decline from the $0.5033 level. The demand zone aligns with a historical accumulation area, known for supporting bullish trends. Should buyers defend the $0.2450 level effectively, ENA could move towards $0.3462, with a breakout above this threshold potentially paving the way to the next major resistance at $0.5033.

ENA price action Source: TradingView

Futures Buyers Enhance Their Position

The Taker Buy CVD has shown a significant presence of buying strength, indicating that aggressive traders are actively lifting offers and absorbing sell orders. This new trend often precedes upward price movements, particularly when spot activity subsides and larger entities accumulate more assets. The stability of the RSI near oversold conditions enhances the significance of this signal.

Futures traders typically enter the market early when they notice discrepancies between weak spot prices and structural support. Furthermore, the increasing CVD confirms that buyers are actively absorbing supply, creating higher lows in short-term price candles. This approach aligns well with the demand-zone reaction illustrated in the charts, where buyers aim to build new momentum.

Ethena's bullish outlook is strengthened when buyers in the derivatives market take control of volume flow.

ENA Futures Taker CVD (Cumulative Volume Delta, 90-day) Source: CryptoQuant

Long Traders Tighten Control as Upside Momentum Builds

Long positions have reached 68.39% on Binance, pushing the long/short ratio to 2.16. This indicates that traders are anticipating an upside continuation from ENA's compression zone. While increased leverage can amplify volatility, leading to sudden price fluctuations that challenge both buyers and sellers, the rising long sentiment correlates with improved CVD strength and notable whale accumulation near the lower boundary.

Ethena shows stabilization candles forming within the demand zone, further reinforcing confidence among leveraged traders. Additionally, long positions tend to grow when prices maintain historically significant levels that offer solid structural support. Market participants are now positioning for a potential breakout towards the next cluster of resistance.

Long Traders Influence Source: CoinGlass

In conclusion, ENA is developing a strong recovery narrative due to whale acquisitions, a steady RSI, dominant derivatives buyers, and increasing long positions. These combined indicators create a robust bullish signal within the demand zone, raising the likelihood of a rebound towards upcoming resistance levels. If buyers continue to support this foundation for several more sessions, Ethena could establish a clearer path for significant upward movement.