Ethena [ENA] witnessed an 11.55% increase in Open Interest in the past 24 hours as the token prices bounced higher by 5.08%. The increased speculative demand came in as ENA bounced from the local support at $0.094.
In a recent report, AMBCrypto noted that ENA whale orders spiked in the spot markets. Large orders during significant price dips generally indicate smart money stepping in, which can halt the downtrend.
Yet, this sign alone will not be enough to mark the market bottom. A look at the higher timeframe price charts revealed why the ENA bullish momentum might be short-lived.
Bullish divergence and a healthy ENA retracement
Source: ENA/USDT on TradingView
No market moves in a straight line for an extended period of time, and Ethena was no different. It has trended downward throughout 2026, with sporadic green days to ward off unrelenting bearish pressure.
In February, the downward momentum of ENA began to slow down. As the month progressed, a bullish divergence began to develop on the 1-day chart.
The RSI was making higher lows while the price made lower lows. Therefore, the bounce from the $0.095-$0.097 lows was only a relief rally.
The high speculative interest, trading volume, and swift gains were likely part of a healthy retracement. Traders shouldn’t be preparing to buy the bounce but sell into it.
Short-term ENA expectations
Source: CoinGlass
The 2-week liquidation heatmap showed that the $0.120-$0.125 area was a nearby notable magnetic zone. In the short term, it was highly likely that ENA would gravitate higher to sweep this liquidity cluster.
Source: ENA/USDT on TradingView
However, this was right at the 78.6% Fibonacci retracement level on the 4-hour chart. The OBV was challenging the local highs, but this cannot be taken as evidence for an imminent bullish trend reversal.
Treating the trend in the context of the wider structure, the $0.131 high must be breached before ENA bulls can expect a trend reversal.
Final Summary
- Ethena has made strong short-term gains on the back of heavy trading volume and speculative interest.
- It appeared likely that the move would turn out to be a liquidity sweep targeting $0.123-$0.125 before falling back into a bear-dominated market.
