An Ethena [ENA]-linked wallet transferred 170 million ENA, worth around $14.09 million, to FalconX during the most recent tracked whale activity. The tokens had been deposited originally in the wallet from Ethena’s Gnosis Safe, further boosting the team’s distribution narrative.
Importantly, the FalconX destination did not confirm the direct sale of exchanges but brought up the issue of potential sale concerns with OTC. Still, the transfer introduced a sizeable supply factor while ENA struggled to extend its broader recovery.
On the charts, ENA price recently rallied off the $0.0900 level before buyers tried to move higher again from the lower levels. Thus, the potential distribution came in as the demand was under an important test around the ascending structure.
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Spot inflows deepen the supply challenge
Another supply-side worry was the exchange spot activity, with ENA seeing about $375.51K in positive netflows as of press time. These positive Spot Netflows indicated that more tokens entered exchanges than exited during the measured period.
Notably, the latest inflow contrasted with the persistent negative readings visible across recent sessions. Those earlier outflows had repeatedly reduced exchange-side supply, potentially supporting ENA’s attempts to stabilize.
However, the $375.51K positive reading turned the immediate momentum back to the supply of exchange liquidity. The change coincided with the 170 million ENA transfer associated with Ethena.
Buyers defend the rising structure again
Despite those supply concerns, Ethena attempted a recovery after buyers defended its ascending support structure. After touching the rising trendline and horizontal resistance at $0.0817, the price reversed back towards $0.0842.
The defense preserved the higher support trajectory established from the July lows near $0.0700. On the indicator side, the RSI had risen to 47.26 at press time, from a previous decline below its neutral level.
The indicator, however, remained below its 50.34 moving average, leaving incomplete buying strength despite the recovery. Still, its upward shift aligned with renewed price demand rather than a continued downtrend.
The $0.0900 resistance level, which rejected ENA earlier in August, posed a key barrier for a recovery. Before hitting this level, buyers needed to maintain control above $0.0817 and the ascending trendline support.
Ultimately, a sustained recovery would strengthen the existing structure, while renewed selling pressure could expose ENA to the $0.0768 support level.
Liquidity could pull ENA toward $0.087
Derivatives positioning added another dimension as liquidation liquidity concentrated heavily above ENA’s recent trading range.
The Liquidation Heatmap showed significant concentration around the $0.085 area, with increased liquidity pushing towards around the $0.087 area. These concentrations created potential upside attraction should recovering demand continue pushing ENA beyond nearby resistance.
Specifically, liquidity near the $0.085 zone represented the first meaningful test above the rebound around $0.0842. A stronger cluster around $0.0865–$0.087 could amplify price movement once buyers clear the nearer liquidity zone.
For now, the recovering demand retains a chance to absorb returning supply and target $0.085–$0.087 liquidity. However, continued flows would create a distribution pressure, which would further weaken the ascending structure.
Final Summary
- ENA defended ascending support as recovering demand kept the broader rebound structure intact.
- Fresh inflows and team-linked transfers could challenge buyers before ENA hits overhead liquidity.
