Ethena (ENA) is attempting to recover after finding support, but its bullish outlook depends on sustained buying pressure and a successful breakout. Meanwhile, a sharp increase in realized profits and rising whale activity point to changing market behavior that could influence the token’s near-term direction.
As of now, according to CoinMarketCap data, Ethena is trading at $0.2274, up 1.29% over the past 24 hours and down 10.26% over the past week.
ENA Price Eyes $0.294 After $0.196 Rebound
According to crypto analyst Giannis Andreou, ENA has rebounded from a key Fibonacci support zone, with traders now watching whether the token can hold this level during a potential retest. The $0.196 mark remains a crucial level that could determine whether the recovery continues or bullish momentum begins to fade.
The daily chart shows ENA reacting around the 0.618 Fibonacci retracement level near $0.196. This zone is being monitored as a potential support area, where buyers could step in to prevent further declines. However, the initial bounce alone does not confirm a sustained recovery, making the next retest important for assessing the strength of buying pressure.
If ENA returns to this level, holds above support, and consolidates sideways, the analyst is watching for a recovery toward $0.215 and then $0.233. A move through these resistance levels could strengthen the bullish setup and open the door to a potential retest of the previous highs near $0.294.
A move from the $0.196 support zone to $0.294 would represent a potential gain of approximately 50%. However, this outlook depends on ENA holding support and breaking through key resistance levels. A drop below $0.183 could weaken the bullish setup and cast doubt on the sustainability of the recovery.
Ethena Sees $17.7M Profit Spike as Whale Activity Grows
The data from Santiment Intelligence shows that Ethena generated $17.7 million in realized profits within an hour, marking its largest hourly spike of 2026. This surge indicates that some ENA holders may be taking profits, potentially adding to short-term selling pressure.
Meanwhile, whale activity is gaining momentum, with transactions worth at least $100,000 rising steadily in recent weeks. This trend indicates that large ENA holders are becoming more active as market volatility intensifies.
The next key signal is whether whales use potential price weakness to accumulate more ENA or continue selling their holdings. Their actions could influence near-term price movements, particularly if profit-taking continues to increase.
