#ETH Trading Volume Surges#

The current important trend is that major players are buying rather than selling. According to Nansen, in the last seven days, the volumes of ENA among large holders have increased by 8.15%, which amounts to approximately $1.87 million at the current price.
This is a significant increase occurring against the backdrop of stagnation or decline in the rest of the market. Such behavior from major players usually indicates confidence in future growth.
At the same time, balances on exchanges are decreasing. In the past week, 1.07 billion ENA tokens have been withdrawn from exchanges. This means that Ethena (ENA) is moving to private wallets rather than to exchanges. This usually indicates that holders plan to keep their assets. Fewer tokens on exchanges mean less chance of sharp sales.
Large wallets are actively buying ENA, and the token is gradually disappearing from exchanges. This creates a strong bullish sentiment.
While the ENA price was forming lower highs, the On-Balance Volume (OBV) reached a higher high. This is called bullish divergence; it occurs when volumes indicate that buyers are stronger than what appears from the price action.
As of the time of writing, ENA is still within a converging wedge and trading around $0.57. The OBV trend is moving upward, indicating increasing buying pressure. Buyers are quietly entering the market even as the price consolidates.
Such divergence often precedes a breakout. Combined with the activity of major players, it indicates that accumulation may already be starting.
ENA has been trading inside a wedge since the end of June. The Fibonacci extension starts around $0.22 and goes up to a recent high of about $0.59. Yesterday, ENA retraced to $0.42, but today it sharply bounced back and is just below the breakout zone.