Ethena prepared for $2.44 target, but THIS is keeping ENA back

Ethena was trading within a daily bullish cup and handle pattern at press time, signaling the potential for a new all-time high.
However, large investors have yet to fully step in — this leaves room for further upside.

Among a limited number of investments currently available, Ethena (ENA) stands out as one that has consistently seen growth in every time period. Specifically, over the last seven days and the past month, it has achieved increases of 26.05% and 18.64%, respectively.

Over the past day, ENA has experienced an uptick of about 0.97%, indicating a potential for continued growth based on its recent price trend and the prevailing trader optimism.

Strong bullish outlook as demand set to rise

Based on its current market setup, it appears that ENA could experience a substantial rise in the near future, possibly reaching a record high never seen before.

At the moment, the ENA was found to be transacting inside a “cup and handle” configuration on the graph, which is typically a strong bullish indication, often predicting an upcoming surge in price.

To verify a breakthrough, ENA needs to initially exceed the $1.32 resistance barrier (indicated in black). After crossing over this point, the expected uptrend might commence.

According to past market trends, Enna (ENA) might repeat its earlier rally that resulted in a significant increase of 597.86%. If it does so, we can anticipate a potential rise of approximately 85.43% for ENA, which could lead its price up to around $2.44.

Significantly, AMBCrypto’s examination indicated that the current surge is predominantly fueled by individual investors, or retail traders, with larger investors, often referred to as ‘whales’, yet to significantly participate. Nevertheless, they continue to maintain a positive outlook towards ENA.

Whales are bullish but remain inactive

As reported by IntoTheBlock, there was a notable difference in attitudes between large ENA holders who were predominantly bullish and those who were bearish. IntoTheBlock identifies these significant investors as ‘whales’, which are defined as entities that possess at least 1% of the total supply of the asset.

At the current moment, there are more optimistic ‘whales’ (large investors) numbering 135, as opposed to 109 pessimistic ones. This gap of 26 whales indicates that they are leaning towards increasing the price of ENA.

However, despite the bullish sentiment, these whales have yet to actively accumulate the asset.

In the last day, there was a significant drop in trading volume, amounting to approximately 58.97 million ENA, or around $72.71 million. The decreased trading among large investors (whales) suggests that there may be opportunities for further expansion.

It’s worth noting that the latest increases in ENA’s price are mainly due to individual investors. If institutional traders decide to join in, this asset might witness a strong upward trend, possibly leading to considerable profits.

Ethena: Will the historic TVL pattern repeat?

As an analyst, I’m observing that the Total Value Locked (TVL) within the Ethena protocol, which signifies the amount of funds users have staked or locked, is presently experiencing a stage of stability. The growth pattern remains consistent but not particularly dynamic at this time.

Currently, the Total Value Locked (TVL) of ENA is approximately $5.921 billion. This figure has remained consistent since the 17th of December 2024.

Read Ethena’s [ENA] Price Prediction 2025–2026

During the period spanning from the 13th of April to the 15th of May in the year 2024, my study’s movement exhibited TVL behavior that served as a prelude to a substantial upward trend.

Should the observed pattern exhibit fractal properties, it might suggest a positive trend for ENA, possibly leading to an increase in its value above its present prices.

2025-01-06 11:04

Strong bullish outlook as demand set to rise

Whales are bullish but remain inactive

Ethena: Will the historic TVL pattern repeat?

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