Ethena Surges 25.74% to Six-Month High on Buyer Influx

Ethena, a prominent altcoin, has surged by 25.74%, reaching a six-month high of $0.499. This significant rally has been driven by a substantial influx of buyers, who have accumulated over 200 million tokens in the past 48 hours. The altcoin's upward momentum began two weeks ago when it broke out of a descending channel, climbing from a local low of $0.25 to its current high. As of the latest reports, Ethena is trading at $0.4908, reflecting a 25.74% increase over the past 24 hours.

This surge in Ethena's value is accompanied by a notable increase in its market capitalization, which has jumped by 24% to $3.15 billion. Typically, such a concurrent rise in volume and market cap indicates increased capital inflow and growing on-chain activity. This trend suggests that Ethena is attracting significant interest from investors, who are bullish on its potential for further gains.

After a brief period of consolidation, Ethena buyers have returned with renewed vigor, driving the altcoin's price higher. According to Coinalyze, Ethena recorded two consecutive days of positive delta for the first time in ten days. On July 19th, the Buy Volume reached 105.31 million, slightly outpacing the Sell Volume of 105.02 million. The following day, the Buy Volume increased to 106.12 million, while the Sell Volume was 91.98 million. This resulted in a Buy-Sell Delta of 294k and 14.14 million, respectively, indicating aggressive spot accumulation.

The Long Short Ratio for Ethena has also surged significantly, reaching 2.58. This metric suggests a higher demand for long positions, as investors rush into the market to capitalize on the altcoin's upward momentum. Long positions currently account for 72.09% of the total Futures positions, while short positions make up 27.9%. This trend is further supported by the Aggregated Funding Rate, which has remained positive for the past week, indicating that investors are aggressively betting on Ethena's price to rise further.

According to AMBCrypto’s analysis, Ethena's uptrend has strengthened as buyers returned with force. As a result, Ethena has flipped the Long Term Moving Averages for the first time since February. Currently, Ethena is trading above the 200MA at $0.4417 and the 200EMA at $0.41. When prices move above the long-term MA, it signals a strong upward move and its potential to continue. To maintain the bullish outlook, Ethena must close decisively above the 200 MA band. If successful, the uptrend will continue, and Ethena will face the next significant resistance around $0.68. However, if this upward move fails and a pullback emerges, Ethena will retrace to $0.41.