The $0.085 zone that had blocked ENA for three consecutive weeks finally flipped to support this week, with Ethena rallying 13% off its Monday low of $0.078 set on July 20. Open Interest climbed 7% in the past 24 hours, signaling fresh speculative positioning behind the move.

Before the rally gained traction, Onchain Lens flagged a notable on-chain transfer on July 21: a wallet moved 16 million ENA, worth roughly $1.37 million, from a Gnosis multisig wallet directly to Binance. Flows into centralized exchanges typically reflect selling intent, and the transfer added a layer of caution to an otherwise constructive short-term picture.

Where price could go from here

With $0.085 now acting as a floor, the nearest resistance levels sit at $0.098 and $0.118, both local highs visible on the chart. A stronger continuation could press toward $0.123, though Fibonacci retracement levels on the higher timeframe still frame the broader swing structure as bearish. That context matters: any run toward $0.11 or $0.12 is more likely a counter-trend bounce than a trend reversal.

The liquidation heatmap covering the past three months highlights two clusters worth watching. Dense short liquidations are stacked around $0.09 and $0.10, making those levels magnets if buying pressure persists. The On-Balance Volume indicator is printing new local highs, consistent with accumulation. The RSI confirms bullish momentum in the near term, though a bearish divergence on that same oscillator warns of a brief pullback toward $0.085 before the next leg, should it come.

Daily transaction volume in profit has been positive for ENA holders, and a rise in average order size points to potential whale-level interest in the token, according to AMBCrypto. Bitcoin volatility remains the main wildcard: a sharp BTC move in either direction could disrupt the short-term setup before ENA reaches the $0.098 to $0.123 target range. For context on how broader market sentiment is being tracked, S&P Dow Jones and Pantera Capital recently launched a fundamentals-based crypto index that may shift how institutional flow into altcoins like ENA gets measured.

This article is for informational purposes only and does not constitute financial or investment advice. Cryptocurrency markets are highly volatile; always do your own research before making any trading decisions.