Will 17.76 Million ENA in Whale Purchases Propel Ethena Above $0.30?

Ethena [ENA]

Ethena (ENA) has recently seen notable whale activity, with significant capital being funneled into the altcoin. As it fluctuates between $0.27 and $0.29, the question arises: can the recent accumulation push Ethena's price above the $0.30 mark?

Key Takeaways

Ethena (ENA) is currently trading in a narrow range of $0.27 to $0.29.
Recent whale activities have led to the accumulation of 17.76 million ENA.
Whale accumulation can signal upcoming price moves, but current market conditions remain bearish.
If the positive impact of whale buying takes hold, ENA could aim for $0.30 and potentially touch $0.36.

Whales Are Actively Accumulating Ethena

Over the last four days, whale investors have been on a buying spree, substantially increasing their holdings of Ethena. Data from CryptoQuant focusing on Spot Average Order Size indicates a surge in large orders from whales throughout the past week.

Ethena spot average order sizes

These orders escalated notably after ENA reached a local peak of $0.29, marking increased whale involvement in the market. Spot Taker CVD data reveals that these whales have been net buyers for four consecutive days, demonstrating strong buyer dominance.

Ethena spot taker CVD

Whale Accumulates 17.76 Million ENA

Monitor Lookonchain recently highlighted a notable transaction involving a whale who withdrew 13.11 million USDC from exchanges Binance and Bybit. Following this, 6.6 million USDC was deposited into Hyperliquid for the purchase of ENA. Thus far, 5.1 million USDC has been spent to acquire 17.76 million ENA.

The whale is still holding 6.51 million USDC, suggesting that further purchases could be on the horizon. Data from CoinGlass aligns with this trend, showing that Ethena’s Spot Netflow has been negative for four days, coinciding with the whale's activity.

Ethena spot netflow

As of now, the Netflow stands at -$1.13 million, indicating heightened outflows, which is a clear indication of active accumulation.

When whales engage in accumulation during tight market consolidation, it typically reflects their confidence in forthcoming price movements. Historically, significant whale accumulation in similar conditions often leads to robust price increases.

Can This Drive ENA Upward?

Despite the rising demand from whales, Ethena's price momentum has not reflected this enthusiasm. The market remains bearish, and Ethena is trading below both the MA50 and MA200, indicating that buyers have not regained market control.

ENA EMA

The DMI Stochastic Momentum Index further confirms this bearish outlook, remaining negative but showing signs of gradual improvement. This suggests a strong bearish trend, with sellers dominating every breakout attempt. Should this trend continue, ENA may drop to $0.23 before trying to rally again. However, if the positive effects of whale activity materialize, Ethena might reclaim the $0.30 mark and set sights on the MA50 around $0.36.

Final Thoughts

In summary, while whale accumulation appears promising for Ethena's future, the current bearish market conditions are dampening immediate upward momentum. Investors should closely monitor whale activities and market trends as potential price shifts could occur based on these dynamics.