Ethena (ENA) lost upside momentum at $0.093 and has since traded between $0.090 and $0.093. At press time, the altcoin was near $0.093, up 1.33% daily, though trading volume fell 15%. An Amber Group-linked wallet purchased 38.89 million ENA worth $3.58 million, suggesting a large investor views consolidation as an accumulation opportunity. However, broader demand remained weak. Exchange Netflow stayed positive for three consecutive days at $325,000, and DeFiLlama’s USD Inflows remained negative at -$5.04 million. While some technical indicators showed bullish signals, the market remains vulnerable to a pullback. A break above $0.093 could target $0.10, while a loss of $0.090 could expose $0.086.
Ethena (ENA) lost upside momentum at $0.093 and has since consolidated between $0.090 and $0.093. At press time, the altcoin traded near $0.093, recording a 1.33% daily gain while trading volume declined by 15%.
According to data from an Arkham-labelled wallet linked to Amber Group, the entity purchased 38.89 million ENA valued at $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 The wallet had previously withdrawn multiple tokens worth $9.97 million from Binance.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.
Broader market demand remained weak. Exchange Netflow stayed positive for three consecutive days.
At press time, Netflow stood near $325,000. This indicated that more 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.
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.
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.
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.
