Key Takeaways
- Ethena’s founder added 48 million ENA, while a whale who previously made $3 million has opened a $20 million long position on ENA.
- Experts predict that ENA has the potential to climb to the $1.30–$1.40 level in the coming days.
- ENA’s current price action hints at a 33% rally on the horizon if the asset clears the key resistance at the $0.478 level.
With a 7% price jump, Ethena (ENA) inches closer to a major breakout following strong whale activity in the asset today. Crypto transaction tracker Onchain Lens and a crypto expert revealed the whales’ recent accumulation.
Whale Activity Drives Momentum
A post on X recorded that a wallet linked to Ethena’s founder has accumulated 48 million ENA tokens worth $20.41 million from Binance.
Meanwhile, another post on X revealed that a whale who previously made $3 million shorting Ethereum has just opened a $20 million long position on ENA, with liquidation set at $0.357.
This strong move by whales brings notable upward momentum to the asset. According to the latest data, ENA has surged 7% and is currently trading at the $0.463 level, a price it has been hovering around for the past week.
Also Read: Ethena’s USDe Secures First U.S. Exchange Listing on Kraken
Experts’ Bold Prediction for ENA
Looking at the current market sentiment and whales’ accumulation, experts are making bold predictions, as several posts on X spotted today. Some predict that ENA could hit the $1.40 level, while others believe it has the potential to reach $1.30 in the coming days.
Looking at these bold predictions, it appears that these levels are far from the current price. Let’s take a look at the key levels that could play an important role in ENA’s upward momentum.
ENA Technical Outlook: Key Levels to Watch
According to TimesCrypto’s technical analysis, ENA is in a downtrend, trading below the 200-day Exponential Moving Average (EMA) on the daily time frame.
However, the 7% price jump has brought the asset closer to a major breakout. Over the past few days, the asset has faced strong resistance at the $0.478 level, and the price has now reached that level once again.
Based on the current price action, if ENA breaks above the $0.478 level this time, it could see a price uptick of 33% and potentially reach the $0.64 level in the coming days. This bullish thesis is only valid once the asset breaks this key resistance; otherwise, it may remain sideways or continue its prolonged downtrend.
At the moment, ENA’s Average Directional Index (ADX) has reached 42 (with 25 as a key threshold), indicating strong directional momentum. The current momentum is bullish and could help the asset break the resistance level.
Traders’ Eyes on Long Positions
Derivative tool Coinglass reveals that traders are closely monitoring the current trend, as bets on long positions continue to rise. Data shows that ENA’s major liquidation levels stand at $0.448 on the lower side and $0.476 on the upper side, which attracts the least interest among traders. At these levels, traders have built $7.66 million worth of long positions and $4.98 million worth of short positions.
This makes it clear that bulls have strong bullish sentiment, whereas the bears’ interest in the asset is fading.
