Ethena (ENA) appears to be at a critical juncture, with a confluence of strong technical and on-chain signals suggesting a robust rebound from its historical demand zone. As deep-pocket investors accumulate and derivative markets signal increasing bullish sentiment, ENA is setting the stage for a potential upward trajectory.
Whale Confidence and Demand Zone Reinforcement
A significant factor bolstering ENA's recovery prospects is the aggressive accumulation by a major whale, who recently purchased and staked 14.56 million ENA, bringing their monthly total to 17.56 million. This move, particularly as ENA retests its historical demand zone between $0.2450 and $0.2750, signals strong conviction and reduces the circulating supply, tightening market dynamics. The demand zone itself demonstrates resilience, characterized by repeated long lower wicks around the $0.2650 mark, indicating robust absorption of sell pressure. Furthermore, the Relative Strength Index (RSI) stabilizing at 32, after a sharp decline, points to an early recovery phase within this critical accumulation pocket. If buyers continue to defend the $0.2450 level, ENA gains a clear path toward $0.3462, with further upside towards $0.5033.
Derivatives Market Signals Strong Bullish Momentum
The optimism surrounding ENA is significantly reinforced by activity in the derivatives market. The Taker Buy CVD (Cumulative Volume Delta) clearly indicates a surge in buyer strength, with aggressive futures traders actively absorbing sell orders – a common precursor to upward trend rotations, especially when spot activity is subdued and RSI is oversold. Complementing this, the long/short ratio on Binance has surged to 2.16, with long accounts comprising 68.39% of positions. This strong long bias among leveraged traders highlights a collective expectation for an upside continuation from ENA's current compression zone. Combined with whale accumulation and demand zone defense, these derivative signals paint a compelling picture of building bullish momentum, positioning market participants for a potential breakout.
