Ethena (ENA) has recently demonstrated significant upward momentum, signaling strong renewed investor interest and potential for further growth. The cryptocurrency surged by 13%, reaching $0.622, driven by a confluence of positive market indicators across both spot and derivatives markets.
Spot Market Rebound
The recent price rally for Ethena was notably supported by a substantial increase in buying activity within the spot market. After a period of retracement, buyers decisively re-entered the market, flipping the Buy-Sell Delta positive by $4.63 million. This shift, with $46.99 million in buy volume against $42.3 million in sell volume over the past day, points to renewed accumulation. Additionally, Ethena experienced eight consecutive days of negative Spot Netflow, indicating that coins are moving off exchanges. This consistent outflow is often a precursor to holding behavior, further strengthening the asset's position.
Surging Futures Market Confidence
The bullish sentiment extended strongly into the derivatives market, where traders are actively positioning for further upside. Ethena’s Open Interest witnessed a significant 17.47% jump, climbing to $1.14 billion. Concurrently, Derivatives Volume hiked by an impressive 46.24% to $3.5 billion, reflecting both substantial capital inflow and aggressive strategic positioning. The market's confidence in an upward trajectory is further highlighted by the Long/Short Ratio. While the overall 24-hour ratio stood at 1.0008, it was heavily skewed on Binance, with top traders showing a ratio of 2.09, underscoring a dominant bullish bias among participants.
Bullish Technical Outlook
Momentum indicators also painted a decisively green picture for ENA. The Stochastic RSI surged to 18 from 5 after forming a bullish crossover, signaling strengthening momentum. Furthermore, the Chaikin Money Flow has remained in positive territory for the past 48 hours, confirming persistent buyer presence. These combined signals suggest robust upward momentum, backed by strong demand. If this buying pressure is sustained, ENA is poised to retest resistance levels at $0.68 and potentially target $0.70 next. However, should demand wane, a support level around $0.55 would likely come into play.
