Ethena (ENA) is showing resistance in the market as technical indicators point toward sustained bullish strength. Over the last 24 hours, the token has climbed 3.51%, recovering some ground after a weekly decline of 9.71%.
At the time of writing, Ethena is trading at $0.7052, supported by a 24-hour trading volume of $605.37 million. This represents a significant 34.92% surge in activity, while its market capitalization stands at $4.84 billion, up by 3.92%.
Adding to the momentum, the OKX exchange confirmed the listing of Ethena against Tether’s USDT. Trading began at 07:00 GMT, and withdrawals were scheduled to open at 10:00 GMT. The listing is expected to broaden market access and potentially attract more liquidity, which may influence both short-term and medium-term price action.
— OKX (@okx) September 17, 2025
#NewListing#OKX will list $ENA @ethena_labs!
$ENA/USDT Spot trading will begin at 7:00 AM on 17 Sep (UTC).
More: https://t.co/NwY224SCLE pic.twitter.com/bTPB3olkpF
Also Read: ENA Momentum Builds With Binance USDe Listing and $1.60 Target
On-chain activity has become a central focus as both accumulation and distribution shape ENA’s outlook. Data reveals that Parafi Capital deposited 4.08 million ENA, worth around $2.88 million, to Binance. Similarly, FlowDesk transferred 5.03 million ENA, approximately $3.51 million, to the same exchange. These moves suggest that corporate entities are trimming positions.
At the same time, whale accumulation has been notable. A newly created wallet secured 6.015 million ENA, valued at about $4.3 million, through Amber. Another wallet, identified as address 0x9c7, accumulated 6.72 million ENA, or roughly $4.75 million, directly from Binance. These contrasting flows indicate that while some large investors are reducing exposure, new buyers and whales are positioning strongly, signaling confidence in ENA’s near-term trajectory.
The ENA chart reflected a clear ascending triangle, signaling a bullish setup. The ascending trend line has supported a string of higher lows since early August, keeping the integrity of the pattern intact. The latest price at $0.7039 is above the ascending support region, adding strength to the idea of further upside pressure.
Immediate support lies at $0.6900, closely aligned with the trendline. If it stays above that level, it would bolster the bullish argument, although a breakdown can be seen to probe $0.6400. Resistance first comes at $0.7500, the near-term barrier, and then at the higher barrier of $0.8566. If it surges through that ceiling, it would validate the ascending triangle and could instigate further upside activity.
Volume analysis is bullish for buyers, with weaker selling during the latest corrections relative to previous rallies. As long as ENA stays above $0.6900, investors can watch for additional advances up to $0.7500 and $0.8566, preparing the token for possible medium-term strength.
Also Read: Ethena (ENA) Price Analysis: Double Top Signals $0.8724 Target Ahead
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