Ethena (ENA) finds itself at a critical juncture, displaying a fragile recovery on its daily charts while navigating a complex landscape of significant token movements by Ethena Labs and strong, persistent buying from large investors. The altcoin's immediate future hinges on a delicate balance between these conflicting forces, as its underlying technical structure remains bearish.
Ethena Labs' Substantial Exchange Deposits
Ethena Labs has made aggressive moves, depositing over 101 million ENA tokens, valued at approximately $20.9 million, onto major exchanges including Coinbase, Bybit, and FalconX. These substantial transfers typically signal an intent to sell, distribute, or provide liquidity, directly threatening ENA's nascent price recovery. Such a large influx of tokens onto exchanges could significantly increase selling pressure, potentially jeopardizing any upward momentum the altcoin has recently achieved and undermining its stability.
Whales Counter Downward Pressure
In stark contrast to Ethena Labs' deposits, the altcoin has experienced robust and sustained activity from large investors, or "whales." On-chain data reveals elevated whale orders since mid-October, with these major players predominantly engaged in buying. Metrics like a consistently green Spot Taker CVD for 25 consecutive days and a positive Buy Sell Delta of 15 million highlight significant buyer dominance. This aggressive spot accumulation has been crucial in absorbing recent selling pressure, acting as a key factor in establishing current price support.
A Precarious Path Forward for ENA
Despite the resilience shown by active whale accumulation, ENA's overall technical structure remains bearish. Key indicators such as the Directional Movement Index (DMI) and Stochastic Momentum Index (SMI) continue to signal strong downward momentum, suggesting that the recent daily rebound is precarious. The altcoin's trajectory will largely depend on which force prevails: the persistent demand from whales pushing for recovery, or the potential selling pressure from Ethena Labs' substantial deposits triggering further losses. While a continued buying spree could aim for higher targets, a significant sell-off by the Labs could easily breach crucial support levels and lead to deeper market corrections.
