Ethena (ENA) is facing strong downward pressure, falling to its lowest price range since the market crash on 10/10. After being resisted at the $0.25 mark, this altcoin continued to drop sharply to $0.17, reflecting immense selling pressure.
At the current time, ENA is trading around $0.17, down 20% compared to last week, extending a continuous decline over the past month. As ENA hit a new low, large investors — especially whales — quickly seized the opportunity to buy in.
Ethena whales return to the market.
The most notable development is the stark change in the behavior of the whales, with large capital flows returning to the ENA market. Demand from this group has recovered to levels seen at the beginning of January, when ENA traded around the $0.25 mark.
According to data from Nansen, large wallet addresses have purchased 118 million ENA, equivalent to 20 million USD. At the same time, they also sold 96 million ENA worth approximately 16.3 million USD.
Source: Nansen
As a result, the ENA balance of the whales has continuously remained positive for two consecutive days, reaching 103 million ENA — a clear sign that large investors are actively accumulating. The Whale Buy Activity Index also confirms this increase in demand: the buying volume of whales reached 37 million ENA, while the average buying volume was up to 42 million ENA, reflecting strong interest from large investors.
Source: TradingView
Remarkably, on-chain tracking tools have recorded a prominent whale transaction: according to Lookonchain, a whale just withdrew 10 million ENA worth 1.75 million USD from Bybit and took it for staking. This move indicates that whales are using staking strategies to defend against weak market conditions, while also reflecting the belief that ENA has hit bottom and the likelihood of further declines is very low.
Retail investors still maintain a pessimistic view.
Contrary to the optimism of the whales, retail investors continuously sell off whenever they get the chance. According to data from CoinGlass, the amount of ENA deposited into exchanges has exceeded the amount withdrawn for three consecutive days. In total, 46.38 million USD of ENA has been transferred to the exchange, while only 44.51 million USD has been withdrawn.
Source: CoinGlass
Spot Netflow is currently up sharply by 123% to 1.87 million USD — a clear signal indicating that selling pressure in the spot market is very high. The strength of the sellers remains high, fluctuating between 54 and 67, reinforcing the dominance of selling forces in the market. Strong selling pressure often drives down prices, making it difficult for ENA to recover.
The ENA battle is becoming increasingly intense: What will be the next direction?
Ethena is currently caught between two opposing forces: the buying side (whales) continuously accumulating, while the selling side (retail investors) has not ceased offloading. This opposition has pushed the market into a dilemma.
The Relative Strength Index (RSI) of ENA has dropped deeply into the negative zone, nearing the oversold level — indicating that sellers are completely controlling the market. At the same time, ENA remains below the short and long-term moving averages (20, 50, 100, and 200), confirming the current downtrend.
With such a momentum setup, the risk of ENA continuing to decline remains present, despite the return of the whales. If selling pressure does not decrease, ENA may break the support level of $0.17 and retreat to $0.13.
Conversely, if demand from whales is strong enough to reverse the trend, Ethena will have the opportunity to recover and reclaim the EMA 20 and 50 at price levels of $0.20 and $0.23 respectively.
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