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Ethena [ENA] surges 10% as whales step in – Yet THIS remains real test

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ENA gains as whale accumulation rises and open interest climbs to $110M, signaling growing institutional participation.

Posted: March 2, 2026 Avatar

By: Kelvin Murithi Journalist Edited By: Renuka Tahelyani

Kelvin Murithi Journalist Edited By: Renuka Tahelyani Posted: March 2, 2026 Share this article

Ethena’s ENA token gained nearly 10% over the past 24 hours as buyers stepped in near key support. The move followed renewed positioning amid broader market uncertainty.

Daily data showed ENA traded around $0.1036 on the 1st of March, after bouncing from sub-$0.10 lows. That recovery drew fresh derivatives participation.

That shift set up a closer look at positioning metrics.

ENA’s Open Interest climbs

Ethena’s [ENA] Aggregated Open Interest rose to approximately $110.5 million, according to Coinalyze data. The chart showed a modest uptick alongside price stabilization.

Rising Open Interest during a rebound typically indicated fresh capital entering positions. In this case, the increase remained controlled rather than explosive.

Even so, the structure suggested traders reopened exposure near local support.

That left attention on order flow behavior.

Source: Coinalyze

Whale activity resurfaces

CryptoQuant’s Spot Average Order Size data showed periodic spikes in larger orders. Big whale orders appeared during recent price dips.

Such behavior often reflected accumulation during weakness. Larger participants typically stepped in before broader momentum shifted.

However, the broader trend in whale order size remained uneven. Sustained expansion would be needed to confirm a strong conviction.

That history kept sentiment cautious.

Source: CryptoQuant

Ethena: Structure builds above $0.10

TradingView data showed ENA repeatedly defending the $0.10 zone. The level marked three recent reaction lows.

Price traded near $0.103–$0.104 at the time of writing. Holding above $0.10 kept short-term structure intact.

Source: TradingView

By contrast, overhead liquidity appeared concentrated near the $0.13 region. That area aligned with prior breakdown levels.

A break above $0.13 could shift near-term momentum. Failure to hold $0.10 may reopen downside risk.

ENA’s rebound coincided with steady Open Interest and visible whale participation. That combination suggested positioning rather than panic covering.

However, continuation depended on sustained Spot Volume and broader market stability.

For now, ENA held above key support. Whether bulls could reclaim higher liquidity zones remained the central question.

Final Summary

ENA gained nearly 10% in 24 hours, rebounding from repeated defenses of the $0.10 support zone.
Ethena’s Aggregated Open Interest rose to around $110.5 million, indicating renewed derivatives participation.

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Kelvin Murithi

Kelvin Murithi is a crypto journalist and on-chain analyst covering market structure, price action and blockchain data. He is a Bsc. Actuarial Science graduate and harnesses his statistical and data analysis skills to translate complex metrics into clear insights for everyday crypto investors. More Articles