Author：Encryption Jianghu
Whales increased their accumulation as more than 46M ENA flowed into a major address, including amounts linked to an older Coinbase withdrawal wallet.
This steady buildup strengthened confidence, because whales often act early when structural shifts begin forming.
The receiving wallet now controls over 451M ENA, which amplifies the scale of accumulation and signals strong long-term interest.
Ethena’s [ENA] 15% daily gain aligns with these inflows, reinforcing the idea that demand increases near this zone.
However, traders still monitor whether whales continue adding as the price approaches higher resistance levels. For now, accumulation supports ENA’s early rebound attempt.
ENA breaks its downtrend
ENA finally broke above the descending channel that controlled its multi-week decline. The breakout formed directly within the demand zone, where buyers previously reacted with strength.
Besides, this area blocked several lower lows and helped build a cleaner base for today’s rebound.
The breakout now directs attention toward the $0.30 region, although buyers still need stronger confirmation to secure continuation.
RSI trended upward near 45, and signaled improving momentum through a steady curve.
However, traders remained cautious because failed breakouts often return to the channel. Still, ENA maintained constructive structure as long as it held above the demand zone.
Source: TradingView
Traders increase conviction
Open Interest increased 16.82% to reach $381M, signaling expanding participation and stronger conviction among derivatives traders.
Rising OI often reflects confidence because traders increase position sizes instead of closing exposure. Besides, this expansion aligns with ENA’s breakout, suggesting growing interest in directional momentum.
The Open Interest growth usually strengthens volatility, especially when price sits near a major structure like the demand zone.
Traders still watch for signs of excessive long exposure, since that can create unstable conditions during sharp corrections.
However, current levels look healthy. Consequently, the rise in OI supports ENA’s recovery narrative and improves short-term sentiment.
Source: CoinGlass
Top traders now lean heavily toward long positions
Top-trader data on Binance showed that 69.72% traders were long at press time, compared to 30.28% short accounts, forming a 2.30 Long/Short Ratio.
This positioning shift demonstrates clear bullish interest among high-volume traders, who often react early during structural reversals. Their growing long exposure reinforces confidence around the demand zone.
Traders pay attention to this group because they frequently identify changing momentum before retail participants.
However, sentiment can shift quickly if ENA loses support near $0.27. Even so, the current long bias provides a strong backdrop for continuation as momentum builds.
Source: CoinGlass
Conclusively, ENA benefits from synchronized whale accumulation, a clean breakout from the descending channel, stronger Open Interest, and a decisive long-side tilt among top traders.
These elements support a constructive short-term outlook. Therefore, ENA can maintain upward pressure if buyers defend the breakout region and whales continue absorbing supply.
Final Thoughts
- Whale accumulation, a demand-zone rebound, and the breakout from the descending channel drive initial momentum.
- Rising Open Interest and a strong long-side tilt among top traders strengthen the bullish structure.
