Ethena is suddenly back on traders radar and for a good reason. A big whale just opened a massive $20 million long position on ENA and is already sitting on more than $1.5 million in unrealized profit. That kind of move usually gets traders talking, especially after weeks of sideways price action.
What you'll learn 👉
The Whale Who Flipped Long
According to Marmot, this isn’t just any trader. It’s the same whale who reportedly made $3 million shorting ETH the day before. Now he’s flipped bullish on Ethena, going all in with around 44.7 million ENA at an entry price of about $0.425.
Right now, ENA price sits around $0.46, meaning the position is already up roughly 86% ROE. The liquidation line sits near $0.357, so there’s still plenty of room before things get risky.
Open interest has jumped to $166 million, while 24-hour volume has crossed $115 million, showing clear signs of rising interest and fresh liquidity. Funding rates are slightly positive, which means most traders are leaning long, but it’s still early to call it a full reversal.
ENA One-Hour Chart: Strength Building Again
If you look at the 1-hour Hyperliquid chart, ENA has been grinding higher since touching the $0.38 zone. It’s now comfortably holding above $0.42, which used to be resistance and has flipped into short-term support.
@Web3Marmot
There’s a clear battle happening around $0.47-$0.48, where sellers stepped in before. A clean breakout above that could open the door to $0.50–$0.52 pretty quickly.
As long as ENA price stays above $0.42, the bulls are in control. But if it breaks back below $0.40, the momentum could fade fast, and the whale’s liquidation zone around $0.35 becomes the next key level to watch.
Ethena Daily Chart: Signs of a Bigger Move Coming
Crypto expert LLucianoBTC shared a daily ENA chart showing something pretty interesting, a falling-wedge breakout that could mark the end of ENA’s bearish trend. After months of drifting lower, ENA price found solid demand between $0.25-$0.35 and bounced hard.
@LLuciano_BTC
Lucky thinks the next big move is just starting, with a potential run toward $0.70-$0.80 if bulls keep pushing. The key confirmation level sits at $0.50, a daily close above that, and things could heat up fast.
Read Also: How High Can Ethena (ENA) Price Go This Cycle?
What’s Next for ENA
Whale activity doesn’t always guarantee a rally, but it often acts as a spark, and that seems to be happening here.
As long as ENA price holds above $0.45, momentum stays on the bull side. A breakout above $0.50 could kick off the next major leg higher.
For now, all eyes are on whether this whale’s bet was early, or simply the start of something bigger.
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