First Signs of Ethena's Recovery? ENA Aligns for Possible Macro Breakout

Recent developments point towards a potential recovery for Ethena (ENA), as indicators show increasing demand and accumulation among significant stakeholders. The cryptocurrency is stabilizing within a critical price range, reflecting growing confidence among traders and suggesting a possible upward trend.

Key Takeaways

Sustained outflows from exchanges indicate tightened sell-side liquidity and a shift towards accumulation, boosting the chances of a structural rebound as the circulating supply decreases.
ENA is maintaining stability within its multi-month descending channel, with the Relative Strength Index (RSI) showing signs of recovery—an early indicator of a potential trend shift.
Recent on-chain data reveals a notable accumulation event, with an Ethena-linked wallet acquiring 25 million ENA valued at $6.7 million from Bybit, enhancing its total holdings to 285.15 million ENA.
As of the latest updates, Ethena (ENA) is trading around $0.2624, reflecting a 7.97% increase in the past 24 hours, reinforcing the accumulation narrative amid market volatility.
Frequent purchases from the Ethereum wallet imply a strong belief in the asset’s value at lower prices, showcasing a clear intention for strategic accumulation.
This steady buying trend suggests that major investors are positioning themselves for a structural rebound rather than merely responding to short-term price fluctuations.

ENA Retests Its Demand Zone

Ethena (ENA) has maintained its position within the $0.22–$0.28 demand zone after several months of trading within a descending channel. The recent response observed at this level appears positive as buyers managed to rebound effectively from the channel’s lower boundary, indicating stronger support at this crucial level. Currently, the RSI is trending upwards towards 37, suggesting early signs of momentum recovery following an extended period of decline. Moreover, ENA's stability above $0.25 confirms that this area still acts as a robust support zone. Should buyers sustain this momentum, ENA could aim for the midline of the channel to establish a more solid technical base.

ENA Price Action
Source: TradingView

Exchange Outflows Increase

Recently, ENA witnessed a net outflow of $1.85 million, which supports a broader trend of tokens moving out of exchanges rather than into them. This trend is significant because consistent outflows generally tighten sell-side liquidity and highlight a growing preference for holding assets outside of exchanges. The recent pattern of negative netflows also reinforces the idea that the market is leaning towards accumulation at present levels. These outflows gain additional context given the recent whale acquisition, collectively signaling a synchronized accumulation effort. As exchange balances continue to decline, the market is entering a phase where supply pressure diminishes, thereby raising the likelihood of a structural rebound.

Exchange Outflows
Source: CoinGlass

Steady CVD Dominance

The Taker Buy Cumulative Volume Delta (CVD) shows robust strength across the past 90 days, indicating that market buying is outpacing selling orders in derivatives markets. This trend is particularly interesting, as it persists despite ENA's overall downtrend, often hinting that informed traders are accumulating early. The consistency of this trend suggests that sellers are struggling to maintain significant control, leaving an opportunity for upward price movement if momentum picks up. Additionally, this dominance complements whale accumulation and enhanced stability in the demand zone, building a combination of signals that often precede shifts in direction. If buyer activity remains consistent, it could bolster the likelihood of an upcoming rebound.

ENA Futures Taker CVD
Source: CryptoQuant

Traders Build Positions at Key Levels

Open Interest in ENA has risen by 9.34% to reach $334.94 million, indicating increased market engagement as traders expand their speculative positions near ENA’s macro support levels. This growth is significant, as rising Open Interest during a consolidation phase often anticipates sharp volatility, especially when paired with strong CVD readings. Moreover, there appears to be a shift towards bullish positioning in leveraged participation, reflected in the overall buy-side dominance observed in derivatives trading. If Open Interest continues to rise from this point, ENA may soon make a stronger move upward from its current trend channel.

Open Interest
Source: CoinGlass

In conclusion, ENA is at a pivotal moment, showcasing signs of whale accumulation, interaction within the demand zone, increased outflows from exchanges, strong CVD dominance, and expanding Open Interest. These aligned metrics suggest growing confidence among knowledgeable investors. Should buyers maintain their activity at current levels, ENA may finally break its downward trend and pursue a broader recovery.