Crypto
Ethena Crypto Price to Continue Moving Up After Whalea Dump 20M ENA?
Ethena's (ENA) bullish outlook remains intact despite the whale's 20 million tokens sell-off.
27d ago 4,280
BLOCKINSIDERLoadingEthena's (ENA) bullish outlook remains intact despite the whale's 20 million tokens sell-off.
Today’s 9% price jump in Ethena (ENA) strengthened the asset's reversal potential, as it reclaims a key support level, which it lost in the recent market dip.
At the time of writing, ENA was up more than 9% over the past 24 hours and was trading at $0.0846. Despite a price jump, the asset witnessed a lack of market participation, which was reflected in the trading volume, as it declined 16.25% to $145.75 million.
The potential reason for the lack of market participation appears to be ongoing geopolitical tension and a massive ENA dump by a crypto whale.
Recently, a crypto expert shared a post on X, noting that a crypto wallet address (0x230) had recently dumped 20 million ENA tokens worth $1.55 million to Binance following a wave of positive news about the Ethena protocol.
On the other hand, on-chain data tells a different story. As per Nansen, the top 100 ENA addresses have increased their holding by 26.55% over the past week. In fact, crypto whales follow the same pattern, with their holding also jumping by 228% during the same period.
This massive support from top addresses and whales suggests that investors and long-term holders have a strong interest and confidence in the asset.
According to TradingView’s daily chart, the Ethena (ENA) price has been in a strong downtrend for months and continues to trade below the 200-day Exponential Moving Average (EMA). This confirms that the broader trend of the asset remains bearish, that sellers are still in control.
However, over the past couple of days, the ENA price has recovered modestly; in fact, it reclaimed a key level of $0.77, which it had lost on June 9, 2026.
From a price action perspective, as long as the ENA price remains above the $0.77 level, the likelihood of a further upside move could remain strong. If it does, it could see a massive 31% of price jump and may reach the $0.11 level.
Meanwhile, if ENA fails to hold and falls below the $0.77 level, it could strengthen its broader bearish outlook and also open the door for further downside pressure.
However, the factor currently supporting ENA's bullish scenario is the Average Directional Index (ADX), which has fallen to 17, indicating that the asset's broader bearish trend has weakened.
From the derivative side, it appears that intraday traders are following the current market trend by betting on the price to go up. According to the derivatives analytics platform Coinglass, Binance's ENA long/short ratio has climbed to 1.41, indicating strong bullish sentiment among traders.
Meanwhile, the ENA Exchange Liquidation Map discloses that $0.0813 on the lower side and $0.0863 on the upper side are the major liquidation levels. Traders at these levels are over-leveraged and have built $2.09 million worth of long-leveraged positions and short-leveraged positions.
However, if the ENA price moves decisively in either direction, these positions could be liquidated, potentially triggering additional price momentum in that direction.
Overall, derivative data suggests that ENA’s short-term market sentiment remains bullish while sellers seem exhausted, at the moment.
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