Ethena experienced significant price volatility during the final days of May. The token saw a double-digit percentage decline on May 23 before attemptinng a modest recovery by May 24.

The 10% slide and the climb back to $0.1005

On May 23, Ethena experienced a decline exceeding 10%.. According to the report, this selling pressure pushed the token toward lower price levels before it managed a slight recovery to approximately $0.1005 by May 24. this rapid movement highlights the intense volatility inherent in the current market environment.

For many traders, the speed of the 10% drop created a sense of urgency, leading to the high-participation environment observed in the subsequent hours. While the recovery to $0.1005 is a positive sign for short-term holders, it remains to be seen if this momentum can be sustained against broader market forces.

Whale activity and the $0.0760 to $0.0809 demand zone

The surge in spot volume during this period is a key indicator of trader conviction.. As the report states, the appearance of whale-sized orders near recent lows suggests a concerted effort to accumulate Ethena at lower prices. This activity is concentrated around a specific demand zone identified between $0.0760 and $0.0809 .

In cryptocurrency markets, such concentrated buying from large holders often acts as both a psychological and technical floor.. When whales enter the market at these specific price ranges, it can signal that significant players believe the asset is undervalued, potentially providing the liquidity needed to reverse a downward trend.

Ethena's weekly chart remains stuck in a bearish structure

While the short-term recoevry provides some optimism, the broader technical outlook remains cautious. The weekly chart for Ethena continues to display signs of structural weakness, suggesting that the recent bounce may only be a temporary reprieve. This divergence between short-term accumulation and long-term trends is a common pattern in volatile markets, where local bottoms can often be "fake-outs" before further declines.

For Ethena to truly pivot toward a bullish trend, it will likely need to see more than just a two-day recovery; it will need to establish a new higher-low structure on the larger timeframes to overcome the current bearish momentum.

Will the $0.0809 level prevent further losses?

Several critical questions remain regarding Ethena's trajectory. The most immediate concern is whether the $0.0809 support level will hold; if this zone fails, the market could see an extension of recent losses. The stability of this specific level is now the primary focus for market participants looking to gauge the strength of the recent recovery.

Furthermore, the source does not clarify the specific identity or intent of the whales making these large purchases, nor does it detail the primary drivers behind the sudden surge in spot volume. Without knowing if this volume is driven by organic demand or tactical liquidations,traders are left to interpret the signals through a lens of high uncertainty.