Key Takeaways
What triggered the recent surge in ENA’s price and trading volume?
President Donald Trump’s tariff remarks on China sparked renewed interest, pushing ENA up 18% with a 45% volume spike.
What do current market signals suggest about ENA’s near-term direction?
Despite bullish accumulation and momentum, mixed derivatives data hints at potential volatility and resistance near $0.4740.
The sentiment around Ethena [ENA] and other cryptocurrencies has shifted notably following U.S. President Donald Trump’s recent remark on China’s 100% tariff.
Following these developments, not only did the ENA price surge, but token accumulation also skyrocketed.
ENA’s current price amid Trump’s Tariff update
At press time, ENA’s price has surged over 18% in the past 24 hours, and was trading around $0.45. Trading volume also spiked 45%, reaching $655 million, signaling strong market interest.
This rally was sparked by President Trump’s comment about possibly moving up the 100% China tariff deadline from the 1st of November.
Trump added,
“China wants to talk. We like talking to China.”
Ethena founder adds 48 million ENA
Whale activity has added fuel to ENA’s upward momentum.
According to crypto tracker Onchain Lens, a multisig wallet associated with Ethena’s founder recently acquired 48 million ENA tokens, valued at $20.41 million, over the past three days from top exchanges like Binance and Bybit.
Although this accumulation occurred over the past three days, the price had been declining and struggling to gain momentum.
Experts’ prediction for ENA
Considering the current market sentiment and ENA’s upward momentum, several bold predictions have recently surfaced on X, with some suggesting that ENA could reach the $1.40 level, while others predict $1.30.
These predictions have gained widespread attention from crypto enthusiasts, especially ENA holders.
Despite these predictions, AMBCrypto’s technical analysis on the daily time frame reveals that ENA is currently in a downtrend and has been facing resistance at the $0.4740 level for the past six trading days.
Source: TradingView
Based on the current price action, if the momentum continues and ENA breaks out above this resistance level, there is a strong possibility of a 27% price surge toward the next resistance at $0.60.
However, if it fails to break above this level, there is also a possibility that the ENA price could move sideways or continue its downward momentum.
At press time, the Average Directional Index (ADX) value stood at 41, well above the key threshold of 25, indicating that the asset has strong directional momentum.
Derivative tool hints at mixed signals
Looking at the current market sentiment, investors and traders appear divided; some see this as a time to sell, while others are betting on long positions.
Derivatives platform CoinGlass reveals that, over the past 24 hours, exchanges have recorded an inflow of $1.74 million worth of ENA tokens.
This inflow, indicating a movement of assets from wallets to exchanges, suggests potential dumping activity.
Source: CoinGlass
During the same period, traders have shown strong interest in long positions.
At press time, ENA’s major liquidation levels stand at $0.425 on the lower side and $0.475 on the upper side, with $14.78 million in long positions and $4.95 million in short positions built at these levels.
Source: CoinGlass
When combining these metrics with the whales’ recent accumulation, it appears that the overall ENA market sentiment is bullish.
However, some investors took advantage of the recent price jump by selling their holdings, which may be due to the heavy volatility in the market.
