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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 The wallet had previously withdrawn multiple tokens worth $9.97 million from Binance.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.