Ethena Price Outlook as 140M $ENA Withdrawn From Exchanges in 96 Hours

Key Points:

• $ENA exchange supply drops sharply, suggesting reduced sell pressure
• Price hovers near strong technical support with mixed market sentiment
• Derivatives activity cools despite bullish long/short ratios

Over 140 million $ENA tokens have been withdrawn from centralized exchanges in the past 96 hours. This significant reduction in available supply indicates traders may be moving tokens to cold wallets or preparing for long-term holding.

Binance recorded $39 million in trading volume over the last 12 hours, while Upbit followed with $18.5 million. Spot activity remains high, but the supply drop points to weakening immediate sell-side liquidity.

ENA Holds Key Support as Traders Eye Directional Break

Ethena (ENA) trades around $0.6495, having gained slightly in the past 24 hours but still down 13% over the last week. Price recently rebounded from the $0.64 zone, where the 200 EMA and 0.382 Fibonacci level intersect.

This level has become a focus for analysts looking for a short-term bounce, with upside potential back toward $0.85. However, lower highs continue to pressure the structure, keeping sentiment cautious.

Staying below the $0.70 pivot, ENA risks a breakdown if $0.61 fails to hold. A fall below $0.51 could confirm a trend reversal, opening the door to extended downside.

Some analysts anticipate a five-wave decline if bearish momentum builds. Market direction now hinges on how price reacts near current levels and whether buyers step in with strength.

Derivatives Data and Trader Behavior Paint a Mixed Picture

Derivatives volume dropped by 23.12%, now at $1.55 billion, while open interest decreased by 2.32% to $1.27 billion. This shows cooling activity as traders await clearer signals.

Despite the drop, long/short ratios remain elevated on Binance and OKX. On Binance, trader accounts are long-heavy, with ratios above 2.3, indicating bullish positioning among larger players.

Coinbase recorded the highest net inflow of $1.47M, while Binance saw outflows near $955K. These contrasting flows reveal inconsistent sentiment across exchanges.

Additionally, one whale trader reportedly added $1.7M USDC to support an underwater long position. This underscores growing pressure on leveraged positions if price fails to recover soon.

Outlook Hinges on Near-Term Volatility

With exchange supply down and price hovering above support, ENA remains in a critical zone. Bulls expect a bounce; bears await a breakdown.

The coming sessions will likely define the next major move. Traders are watching for confirmation, either above $0.70 or below $0.61, to establish a clearer trend.