Team transfers 5M ENA to exchange-linked wallet, raising questions about upcoming inflows and supply pressure.
Ethena (ENA) was trading at $0.5626 with a 24-hour trading volume of $131,042,243. The token has dropped 3% in the past day and is down 14% over the last week.
The recent move places ENA below the $0.61 support level, which has now turned into a resistance zone. Market watchers are monitoring the $0.50 mark as the next possible downside target if bearish pressure continues.
On shorter timeframes, ENA failed to hold $0.61, a level that acted as support multiple times in September.
Analysts note,
“Losing this floor shifts control back to sellers.”
However, Current price action shows the token moving within a downward path, with interim levels near $0.52, $0.48, and $0.44 highlighted as possible steps lower.
On the 3-day chart, the structure also flipped bearish after a close below the previous swing low. An intermediate level is marked around $0.4595, but traders are closely watching the broader $0.39-$0.42 range. This zone is viewed as a potential demand area where buyers may reente
If ENA stabilizes within the $0.39-$0.42 band, analysts suggest that the token could recover strongly.
One commentary stated,
“from this level, a 2x bounce is possible, and even a conservative 3x if momentum builds.”
Meanwhile, a rebound from these levels could return the price to the mid-$0.80s and, in stronger conditions, to the $1.20 range.
Failure to hold this zone, however, may expose deeper support near $0.2499, a level not tested since early 2025. Such a scenario would extend the bearish trend and delay any meaningful recovery.
Recent blockchain data shows that 5 million ENA (worth about $2.9 million) was moved six hours ago from Coinbase Prime Custody to a wallet associated with prior exchange transfers. During a similar move last week, the wallet distributed the tokens in smaller tranches to Binance over three days.
Market observers note that “if this transfer follows the same pattern, gradual exchange inflows could appear soon.” Additional supply entering exchanges could influence short-term price direction.
