Can ENA Hold $0.085 After A Massive Whale Wallet Transfer?

Ethena is back in the spotlight after a wallet linked to Coinbase custody moved 290 million tokens worth roughly $26.4 million. This huge transaction quickly caught the attention of traders who worry it might lead to heavy selling on major exchanges. Despite the initial shock, exchange netflows stayed negative, meaning more tokens are still leaving trading platforms than entering them. This shows the big move has not yet turned into actual spot selling.

Trading volume has dropped by more than 40 percent, pointing to a lack of strong conviction from sellers. ENA currently trades around $0.08695, down slightly over the past day, but still showing gains on the weekly and bi weekly charts. Technical analysts are keeping a close eye on the $0.085 support level. If that floor breaks with high volume, the price could slide down toward $0.080. On the other hand, resistance sits near $0.093, where a break could trigger a short squeeze.

Broader market conditions are also playing a major part in this setup. Traders are watching Bitcoin closely to see if it can hold key price levels, because any further weakness in the top crypto could drag altcoins down with it. Even though Ethena maintains a healthy total value locked of nearly $4 billion, short term sentiment remains completely focused on price action, exchange flows, and overall market stability.