Ethena [ENA] lost upside momentum at $0.093. Since then, the altcoin has traded between $0.090 and $0.093.
At press time, ENA traded near $0.093, up 1.33% daily. Trading volume fell 15%, signaling lower market activity.
Did an Amber Group-linked wallet buy ENA?
An Arkham-labelled wallet linked to Amber Group bought 38.89 million ENA, worth $3.58 million. The wallet had previously withdrawn multiple tokens worth $9.97 million from Binance.
The purchase suggested that a large investor viewed ENA’s consolidation as a potential accumulation opportunity. However, one wallet’s activity could not confirm a broader demand recovery.
Why is ENA demand still weak?
Even so, broader market demand remained weak. Exchange Netflow stayed positive for three consecutive days.
At press time, Netflow stood near $325,000. This showed that more Ethena [ENA] moved into exchanges than left them.
Sustained Exchange Inflows can increase the supply available for selling. That could keep pressure on ENA’s narrow trading range.
Meanwhile, DeFiLlama’s USD Inflows remained negative for two days. The metric fell to -$5.04 million at press time. The combined exchange inflows and protocol outflows aligned with ENA’s consolidation. This left the market vulnerable to another pullback.
Can ENA break above $0.093?
ENA’s market structure still showed some bullish signals. The +DI held above both the -DI and ADX. The +DI stood near 23, while the -DI sat around 11. This suggested buyers still held a modest advantage.
At the same time, the Momentum Shift indicator remained positive for seven straight days. That reading suggested upside pressure had not fully faded.
If large buyers return, ENA could break above $0.093 and target $0.10. However, a loss of $0.090 could expose the altcoin to $0.086.
Final Summary
- An Amber Group-linked wallet bought 38.89 million ENA, but wider Ethena demand remained weak.
- Positive ENA Exchange Netflows and negative USD Inflows kept seller pressure elevated near $0.093.
