• Ethena records a $9.64M ENA transfer to Binance, sparking debate on liquidity moves and market impact.
• The RSI at 56.28 reflects neutral momentum, while the MACD remains bullish but shows signs of slowing strength.
• The price structure highlights $0.43 support and $0.78 resistance; bulls eye $1.00–$1.33, while bears target $0.23 if support fails.

Ethena (ENA) is riding a wave of strong momentum, showing an impressive price surge as it benefits from renewed confidence and growth across the broader crypto market. The ENA price over the last 24 hours is up by 3.66%, and over the last week it is also up by 0.28%.

At the time of writing, ENA is trading at $0.6386 with a 24-hour trading volume of $616.04 million, up by 14.89% over the last 24 hours. The coin has a market capitalization of $4.22 billion, which is also up by 3.61%.

The general market trend has turned from a bearish to a bullish phase and started its recovery after the recent prolonged volatility. The overall market has benefitted from this surge, including altcoins like ENA.

Ethena Whale Wallet Sends $9.6M ENA to Binance

Moreover, the crypto analyst highlighted that a major on-chain transaction was noted involving the ENA token. Around 15 million ENA, worth about $9.64 million, was withdrawn from a wallet that is believed to be linked to Ethena, with coins finding their way into Binance. The same wallet in July 2023 had received 375 million ENA (worth $166 million) in a transaction initiated by Ethena’s multisig treasury and had remained inactive since then.

This is the first ever outflow of ENA by the address, generating a lot of speculation about possible selling, liquidity transfers, or internal restructurings. Even with the movement, the wallet still holds a staggering 360 million ENA worth close to $2.3 billion, still making it one of the largest known ENA holders.

Also Read: Ethena (ENA) Momentum Builds With Key Resistance at $0.85 in Sight

Ethena (ENA) Targets $1.33 if Price Breaks $0.78

The Relative Strength Index (RSI) is at 56.28, showing neutral momentum territory coming out of recent overbought levels. MACD remains in bullish territory as a sign of bullish bias while momentum is weakening. Bollinger Bands signals strong mid-band support at $0.43 and resistance at $0.78 that bulls need to reclaim in hopes for an extended rally.

ENA recently failed to break through the $0.78 resistance zone, leading to a corrective move.If buyers recover once more, subsequent resistance is in the area of the $1.00 psychological level; sustained strength above $1.05 would indicate a route towards $1.33. On the bear side, support at $0.43 is needed; a decline lower risks further losses towards $0.23.

Ethena (ENA) Derivatives Indicate Strong Bullish Sentiment

Market action is picking up steam. Volume increased 14.52% to $1.80 billion, while open interest increased 3.06% to $1.37 billion, which is an indication that traders are establishing fresh positions. Such increased OI and volume tend to precede wider price ranges.

The OI-weighted funding rate is 0.0074%, a moderately bullish level with minimal leverage. Such balanced funding conditions allow for steady growth if ENA rises above $0.78.

Also Read | Ethena (ENA) Momentum Builds With Key Resistance at $0.85 in Sight