Heightened futures interest and weak momentum signal further Ethena downside

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Ethena drops 7.00% to $0.0903

Highlights

A large holder withdrew $4 million in ENA from Binance, contributing to spot trading volume reaching $225.14 million.
Open interest in ENA futures rose 7.31% to $952.7 million, signaling increased derivatives market participation despite ongoing selling pressure.
Technical momentum remains strongly bearish, with ENA expected to consolidate between $0.0860–$0.0940 and high risk of further downside.

Large holder’s Binance withdrawal and surging futures signal active repositioning

A $4 million ENA withdrawal from Binance by a large holder was reported on March 24, 2026. Spot trading volume reached $225.14 million with market capitalization at $838.98 million, as open interest in ENA futures increased by 7.31% to $952.7 million on March 26, 2026, reflecting heightened derivatives activity. Ethena has also seen periods of elevated trading due to new exchange listings and notable price fluctuations, though price action has remained under broader selling pressure.

Bearish momentum confirmed as ENA nears oversold thresholds

Momentum signals are decidedly bearish for ENA, with both MACD and ADX on D1 and W1 supporting further downside. RSI stands in the lower 40s on D1 and low 30s on W1, while Stoch RSI and CCI confirm oversold conditions. Bull/Bear Power (BBP) on D1 flashes a buy with a near-neutral value, suggesting only modest buyer attempts against seller dominance; the Awesome Oscillator is neutral, offering no trend confirmation. ENA is trading near the session low in a high-volatility range after a 7.00% drop, continuing the bearish momentum.

Limited upside as consolidation favors extended downtrend

For the coming week, ENA is expected to consolidate within a $0.0860 – $0.0940 volatility band relative to current levels, reflecting the dominant downtrend. The probability of a price increase is very low (less than 20%), while the likelihood of further decline remains high. A bullish scenario would require a breakout above immediate resistance at $0.1060, whereas a bearish move could drive the price below $0.0860 to new lows.

Viktoras Karapetjanc, expert at Traders Union, sees Ethena (ENA) under sustained selling pressure, with bearish momentum confirmed by both price action and indicators. He believes elevated derivatives activity and major holder withdrawals signal a tough environment for bulls. The analyst expects further volatility but notes that a meaningful recovery would need a break above $0.1060. "Momentum is still against ENA for now, but if buyer sentiment returns and we see a clean move above resistance, a shift could follow quickly."

Earlier, analysts noted that Ethena’s outlook remained bearish due to persistent selling pressure and weak momentum, with consolidation seen as the prevailing trend. The current slide below key moving averages and deepening oversold signals further solidifies this negative bias, making any sustained rebound unlikely unless the price can reclaim immediate resistance and market sentiment notably shifts.

Source of Data: ENA Price Analysis by TU

The analysis is based on a proprietary model combining technical, on-chain, and expert data. Not investment advice. See methodology

The information is based on forecasts and does not constitute investment advice or a guarantee of future results. Market conditions may change. See our Disclaimer and Editorial Integrity for details.