Ethena (ENA) increased by 20% on a gloomy day - Is the price likely to rise higher?

Ethena (ENA) is attracting attention as it goes against the general market trend, increasing nearly 20% in the past 24 hours.

The special thing is that positive signals are appearing simultaneously, including increased activity from whales, a stable amount of tokens withdrawn from the exchange, and a technical pattern leaning towards an uptrend, indicating the potential preparation for a major breakout.

Whales are actively accumulating ENA

According to data from Nansen, the amount of ENA held by whales has increased by 8.15% over the past seven days, worth nearly 1.87 million USD at current prices.

At the same time, the ENA balance on exchanges has decreased by 1.07 billion tokens, indicating that many investors are withdrawing assets to personal wallets, a move that often reflects a long-term holding intention and reduces selling pressure. A lower supply on exchanges means there is less likelihood of a sudden sell-off.

The price of Ethena and the accumulation model of whales | Source: NansenThis indicates that large investors are accumulating ENA, while the supply on the exchange is decreasing sharply – a technical setup that usually supports a bullish trend.

This is happening while the majority of the market is moving sideways or declining. This behavior of whales often signals confidence, indicating that big players are preparing for a more explosive move.

The OBV signal indicates potential bullish momentum

On the chart, even though the price of ENA has created a lower peak, the On-Balance Volume (OBV) has created a higher peak. This is called a bullish divergence, implying stronger buying pressure than what the price indicates.

ENA Price and OBV Divergence | Source: TradingViewCurrently, ENA is moving just above the converging wedge pattern and trading right near the important threshold of $0.6. The OBV trend is breaking higher, indicating that buying pressure is forming subtly. Buyers are quietly participating even as the price consolidates.

This type of divergence often appears before a breakout. Combined with the activity of whales, it indicates that accumulation may have already occurred.

Breaking out of the wedge pattern could trigger the next move for ENA, but $0.60 remains a key level to watch.

Ethena (ENA) has been trading in a wedge pattern since the end of June. To further confirm the trend, it is necessary to use the Fibonacci extension tool based on the trend, which is often used to identify price targets in a bullish phase.

The first Fibonacci level starts at around $0.22 and extends to the recent peak of about $0.59. Yesterday, ENA corrected down to $0.42 but has now strongly recovered, oscillating just below the breakout area.

Price analysis of ENA | Source: TradingViewThe important level to watch is $0.60 – corresponding to the Fibonacci 0.5 level of the most recent trend. If the wedge pattern breaks out successfully at $0.58 and exceeds $0.60, ENA may continue to aim for $0.65, $0.71, or even higher, especially when the flow of funds and whale activity support the upward trend.

However, if it cannot break through and falls back below $0.51, the bullish trend will weaken. This will invalidate the breakout hypothesis and may trigger a pullback.

Vincent