Ethena is challenging its price after a breakout, with increased trading and large wallet activity indicating the potential to continue the upward trend.
ENA price has seen significant growth over the past week, along with a sudden surge in trading volume and Token withdrawal from the Coinbase Custody wallet, laying the groundwork for a new price trend.
- Ethena (ENA) is in the process of retesting the price zone of $0.43 after surpassing $0.54.
- The Coinbase Custody wallet recently transferred 1.23 billion ENA worth $567 million, becoming the 4th largest holder.
- Financial reports show a slight decrease in Ethena's income, reflecting a decline in Token holders.
Is Ethena's breakout retest truly sustainable?
According to market data and price charts from TradingView, ENA has been continuously rising since early April, with the support zone around $0.25 being rejected multiple times, while the resistance zone above is $0.45.
July recorded a 74% increase in three weeks, with ENA breaking out of the accumulation zone and returning to test the breakout around $0.43, corresponding to the 0.618 Fibonacci Retracement, indicating a quite positive market sentiment.
However, maintaining above this threshold is crucial to confirm the upward trend. If the price falls back to the accumulation zone, the trend may be reconsidered or weakened.
"A successful retest of the $0.43 zone could pave the way for ENA to reach a target above $1, but market signals still need to be monitored."
Ali Charts, cryptocurrency analyst, 23/07/2025
How does Token transfer from Coinbase Custody impact ENA price?
In a growing market context, a new wallet withdrew 1.23 billion ENA worth $567 million from Coinbase Prime Custody, becoming the 4th largest owner, representing 8.21% of the total supply.
An initial test transaction of 10 ENA suggests this wallet is establishing a large position, similar to previous movements in April and May that led to a subsequent strong price increase.
This move indicates the potential for ENA's continued explosion, despite a derivative whale trading short with 5X leverage on ENA and LTC, causing some market instability.
"Such large Token movements often signal the next market waves. Investors should pay attention to whale interactions to forecast trends."
OnChain Lens, market data analyst, 24/07/2025
What are the financial report's implications for Ethena's prospects?
Data from defillama shows Ethena's income report remains in the positive zone, however, 2024 growth was seven times higher than the first quarter of 2025, reaching just over $1 million.
The income decline reflects a potential decrease in Token holders, causing a corresponding drop in transaction fees, a warning sign of potential downward price pressure in the market.
However, this situation also creates an opportunity for asset adjustment and restructuring to generate sustainable growth in the future.
Frequently Asked Questions
What price stage is Ethena in within the cryptocurrency cycle?
According to in-depth analysis, Ethena is in the retest phase after a breakout, indicating market confidence in the short-term upward trend.
What does Token withdrawal from Coinbase Prime Custody mean?
This move typically indicates preparation for further price increases or Token redistribution in the market.
How does Ethena's income report affect ENA price?
Decreased income reflects pressure on held Tokens, which may cause short-term price pressure but also creates an opportunity for rebalancing.
What impact do whales trading short have on ENA?
This activity creates short-term price volatility but does not significantly impact if large capital continues to flow into the Token.
Can ENA reach a target price above $1?
According to experts, if successfully retesting and maintaining above the $0.43 threshold, ENA has a chance to reach and exceed $1 in the medium term.
