Ethena hits resistance at $0.378: Can THIS group help drive a recovery?

• The recent drop in ENA’s price has been driven by large investors, who appear to be gaining momentum.
• Spot retail investors are attempting to hold the price and have continued to counter the actions of these large investors.

Ethena [ENA] has emerged as one of the market’s major losers, declining by 17% in the past 24 hours. This drop occurred at the intersection of large investors selling and retail investors buying.

AMBCrypto analyzed the current state of ENA and assessed where the asset might head next.

Can ENA withstand pressure from market investors?

There has been a massive sell-off in the past 24 hours led by large investors, commonly referred to as whales.

This group of traders contributed significantly to ENA’s recent volume, selling approximately 2.65 million ENA worth around $977,000.

This level of selling is notable because large investor activity often influences broader market behavior, prompting other participants to list their assets at lower prices.

Further analysis indicates that even if selling pressure from these investors subsides, a major resistance level lies ahead.

The In/Out of the Money Around Price (IOMAP), a metric used to identify key support and resistance zones, shows potential resistance at $0.378.

At this level, 2.83 billion ENA were previously sold by just 1,430 traders, and additional sell orders remain.

This suggests that if the price rallies toward this point, another decline could follow, pushing the asset’s price even lower. This sentiment is reflected in the derivatives market, which shows growing sell volume.

At the time of writing, the Taker Buy/Sell Ratio continues to fall, currently reading 0.884.

If this trend continues, it would indicate that more sellers are entering the market, potentially causing further price drops as volatility increases.

Can retail buybacks prevent a price decline?

While large investors and derivatives traders are selling heavily, spot retail investors continue to accumulate ENA.

Retail investors have spent $1.59 million buying ENA—more than the total sold by large investors.

This indicates a strong willingness to maintain price stability. The trend could continue in the coming days, potentially helping ENA recover some of its recent losses.

Social sentiment remains positive

Ethena’s development activity remains solid. An analysis of its GitHub reveals no critical upgrades or fixes are pending.

Current commit activity and stars are at an all-time high, reflecting a healthy level of developer contribution to the platform.

If this momentum continues, it suggests gradual improvements aimed at enhancing user interaction with Ethena—an overall net positive for ENA.

For now, the bears remain in control. However, sustained development and continued spot market accumulation could play a critical role in ENA’s recovery and future growth.