Summary: Ethena: What’s next after 8% ENA supply shifts to a single address?

Ethena (ENA): On the Cusp of a Major Breakout? Ethena (ENA) is currently grabbing market attention, flashing a 22% weekly gain as it navigates a critical price retest. Following a remarkable 74% surge in July, ENA is now retesting the pivotal $0.43 level, a key Fibonacci point. A successful retest could propel ENA towards $0.70, with some analysts eyeing targets above $1, indicating significant upside potential. Conversely, a failure could see it retreat, defining its trajectory for the short term. Adding intrigue is massive whale activity: a new wallet recently withdrew a staggering 1.23 billion ENA ($567M) from Coinbase, instantly becoming the fourth-largest holder. This significant accumulation mirrors past strategic positioning, hinting at further rally potential for ENA. However, not all signals are uniformly bullish; a derivative whale has placed a substantial leveraged short bet on ENA. Furthermore, while Ethena's income statement remains positive, recent data shows a decrease in earnings, suggesting users might be reducing their holdings. This blend of bullish whale accumulation, a crucial technical retest, and conflicting financial signals makes ENA a top crypto to watch as it stands at a defining moment.