Ethena (ENA) has shown a strong price increase, moving from $0.28 to $0.42 within a few days. According to data from Eugene Ng Ah Sio, a top crypto analyst, the price action appears healthy, with momentum well supported by consistent spot buying and minimal deviations from trendlines.
Despite a slight dip in recent trading sessions, the overall market sentiment remains bullish, with Eugene projecting a potential rise to $0.50. ENA’s price action has demonstrated a robust upward trajectory, starting from $0.28 and reaching $0.4226, reflecting a 3.58% gain in the latest 1-hour candle.
The price movement, according to Eugene, has shown no major deviations from the 1-hour trendlines since October 10, indicating strong upward momentum. As per his tweet, Eugene remains optimistic about further gains, expecting the price to hit $0.50, signaling possible resistance at this level.
An analysis of his chart reveals a support zone between $0.35 and $0.38. Consistent buyer interest has been absorbing short-term pullbacks in this range, making it a critical area to monitor for future price movements.
What you'll learn 👉
Open Interest and Leverage Exposure
Open Interest (OI) on ENA’s perpetual futures contracts has retraced significantly, dropping from a peak of 450M contracts to around 445.89M, indicating a reduction in leverage exposure. This aligns with Eugene’s observation that “OI has more than retraced any excess perp exposure” following the recent price surge.
Market participants appear to have reduced their leverage positions, suggesting stronger market confidence in spot accumulation rather than short-term futures speculation.
This reduction in OI, combined with liquidations of weaker long positions, highlights that large buyers continue to dominate the market, reinforcing the bullish outlook for ENA.
Spot Buying and Futures Market Activity
One key factor driving ENA’s price increase is the spot buying, with Cumulative Volume Delta (CVD) data showing a net spot buying pressure of -22.568M. This signals that larger players, or “strong hands,” are accumulating the token. This aligns with Eugene’s tweet, which pointed out consistent spot buying and the unwinding of lower-time frame scalp bids.
On the futures side, despite aggressive selling (CVD for Futures at -557.532M), the price has managed to absorb this pressure, supported by strong spot accumulation. The negative funding rate (-0.0039) further suggests that shorts are paying longs, a bullish indicator that could drive further price gains.
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Future Price Outlook
The combination of reduced leverage exposure, strong spot buying, and bullish market sentiment supports Eugene’s prediction. Should the token breach $0.50, it could spark further interest from both institutional and retail investors.
Meanwhile, support remains firm around $0.35-$0.38, providing a foundation for further upward momentum. Ethena’s price movements suggest a strong continuation of bullish momentum, positioning it as a token to watch closely in the coming days.
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