ENA Price Rebounds on Rising Accumulation: Is a Break Toward $0.40 Next?

• $ENA rebounds 37% from the $0.21 low and holds above the key $0.23–$0.19 support zone.
• Large wallets withdraw over 300M $ENA as strong accumulation signals rising confidence.
• $ENA must clear $0.30 to target resistance at $0.36, $0.41, and the $0.50 Fibonacci zone.

Ethena’s $ENA token is staging a notable recovery after retesting a key support band, with fresh accumulation from large wallets adding new momentum to the reversal attempt. The token rebounded sharply after touching the $0.23–$0.19 zone last week, an area that has now acted as a strong foundation following a months-long decline.

$ENA dropped nearly 60% from its late-October peak, sliding to a low of $0.21 last Friday. However, the token surged by 37% off that level and is now trading at $0.2779, reflecting a 1% 24-hour rise and 5% weekly gain. Market data shows $ENA holding above its major support band again, its first meaningful bullish signal in weeks.

Rising From Oversold Levels as Price Nears First Resistance

The rebound comes as $ENA hovers just beneath the 23.60% Fibonacci level at $0.30, which currently acts as temporary resistance. A successful break above this mark would open the door to the next resistance cluster at $0.36, followed by the 38.20% Fib at $0.41, representing a 50% rise from current pricing.

Source: TradingView

Technical indicators support the renewed buying interest. The Relative Strength Index (RSI) sits at 42, climbing from oversold territory. This suggests buying pressure is gaining momentum, although a decisive move above the 50 neutral level would strengthen the bullish case.

However, the broader structure remains bearish. The 50-day moving average at $0.37 and the 200-day moving average at $0.46 remain well above $ENA’s price, confirming both as significant resistance zones that bulls must overcome before any larger trend reversal can occur.

Large Wallet Accumulation Signals Strengthening Confidence

The strongest signal supporting $ENA’s rebound comes from sizeable on-chain accumulation.

Onchain Lens reports that:

• Wallet 0xa19, newly created, withdrew 105.35 million $ENA worth $28.7 million from Coinbase Prime.
• Wallet 0x631 removed 20 million $ENA worth $5.45 million from Bybit, bringing its total holdings to 305.15 million $ENA valued at $88.67 million.

Earlier withdrawals add even more weight:

• On Nov. 25, the same 0x631 wallet bought 25 million $ENA worth $6.7 million from Bybit.
• Across the past two weeks, Onchain Lens identified a combined 260.15 million $ENA, valued at $78.66 million, accumulated from Bybit and Coinbase Prime by a wallet likely linked to Ethena Labs.

The repeated pattern of withdrawing $ENA from exchanges into self-custody suggests a preference for long-term holding rather than short-term trading—typically a sign of investor confidence in future price action.

Open Interest Climbs, Yet Market Volatility Remains Low

On-chain derivatives data show a cautious but steady increase in market activity. $ENA’s open interest has risen to $371 million, up from $292 million on Sunday. This indicates traders are keeping their positions open instead of taking profits from the recent bounce.

Source: CoinGlass

However, the market still lacks the volatility required for a rapid breakout. The current positioning hints at strategic accumulation and patient trend-building rather than a fast, aggressive rally.

This aligns with the large wallet accumulation trend, suggesting that bullish participants are preparing for potential upside but are not forcing high-volatility moves. Combined with a support base at $0.23–$0.19, the setup implies that any pullback could retest this zone before bulls attempt another upward expansion.

Related: DOGE Defends $0.14 Support as ETFs Launch: Is a Move to $0.20 Ahead?

Outlook: Can $ENA Break Toward $0.40?

A break above the $0.30 threshold remains the crucial first step. If successful, momentum could carry $ENA toward:

• $0.36 (temporary resistance)
• $0.41 (38.20% Fibonacci)
• $0.50 (50% Fibonacci)

For now, $ENA’s recovery is driven by strong accumulation and improving market strength, though major moving averages still challenge the bullish path. With rising open interest, a revived RSI, and multi-million-dollar withdrawals from exchanges, market sentiment has shifted from capitulation to cautious optimism.

If accumulation continues and volatility strengthens, $ENA may soon test higher resistance zones, with $0.40 emerging as a realistic medium-term target within its technical structure.