Key takeaways

• ENJ is one of the best performers in the crypto market, up 45% in the last 24 hours.
• The rally could allow ENJ to surge towards $0.045 in the near term. 

Enjin Coin (ENJ) continues to rally

Enjin Coin (ENJ) extends its gains, holding steady above $0.035 on Thursday following a remarkable 45% price increase in the last 24 hours. 

This bullish momentum is underpinned by both on-chain and derivatives data, with a positive technical outlook suggesting that ENJ may continue its upward trend in the near future.

Data obtained from Santiment shows that Enjin Coin’s ecosystem trading volume surged to $216.97 million on Thursday, marking the highest trading volume since April 2025. 

Meanwhile, CoinGlass data shows that ENJ’s futures Open Interest (OI) reached a new record of $74.68 million on Thursday, up significantly from $19.82 million on Tuesday. A rising OI indicates fresh capital entering the market, which could further propel the coin’s price upward.

Despite the rally, traders remain cautious as some early signs of buyer fatigue begin to surface. According to CryptoQuant, there is a rise in retail activity, suggesting a shift in market sentiment. 

Furthermore, sell-side dominance in both the spot and futures markets may point to potential bearish pressure, signaling that the current rally could face resistance in the near term.

ENJ eyes further gains after 45% increase

The ENJ/USD 4-hour chart is bullish and efficient thanks to the 45% rally. The rally has lifted ENJ price back above the short- and medium-term Exponential Moving Averages (EMA), leaving only the 200-day EMA at $0.035 as immediate overhead resistance.

The Relative Strength Index (RSI) on the 4-hour chart reads 70, indicating a bullish bias. The Moving Average Convergence Divergence (MACD) histogram turning strongly positive reinforces growing upside momentum.

If the rally persists, initial resistance is seen at the 200-day EMA at $0.035. If the daily candle closes above this level, it could extend its rally towards the $0.051 resistance level, followed by $0.066 and $0.082 zones. 

However, if the bears regain control, ENJ would likely face the initial support at $0.031. The 100-day EMA at $0.024 and the 50-day EMA at $0.022, together with the lower horizontal level at $0.019, form a deeper demand zone that could also prove to be bouncing support levels in the near term.

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Binance’s Ethereum reserves are sitting at their lowest point since 2020 — and that’s just one piece of a much bigger picture. Across the board, Ethereum held on exchanges has fallen to its lowest level since 2016, a shift driven by back-to-back withdrawals and a staking surge that is pulling coins deeper out of circulation.

A Wave Of Withdrawals Across Major Platforms

On March 22, crypto analyst Amr Taha flagged a $1.67 billion ETH withdrawal from OKX. Binance also recorded two separate outflows topping $300 million earlier in the quarter.

Those moves didn’t happen in isolation. Data from analyst Arab Chain show that roughly 31.6 million ETH left major exchanges in February alone — the biggest monthly outflow since November.

Binance accounted for about 14.45 million ETH of that total, close to half. OKX followed with around 3.80 million ETH, and Kraken recorded roughly 1 million ETH during the same stretch.

When coins leave exchanges at that pace, it matters. Sustained withdrawals shrink the pool of coins available for spot trading.

Assets moved to private wallets or staking platforms tend to be less liquid in the near term, and thinner exchange balances can sharpen price swings when market activity picks up.

Ethereum: Staking Reaches A Record High

The withdrawal story runs alongside a staking story, and together they paint a picture of tightening supply. About 38 million ETH is now locked in staking, equal to roughly 33% of total supply — the highest level on record.

Staking infrastructure provider Everstake weighed in on what that means for the market. The company said that a steady drop in liquid supply, combined with ongoing demand, sets up conditions for a structurally firmer price floor.

That’s not a short-term trade signal. It’s a longer-term structural shift — one where a growing share of ETH is committed to the network rather than sitting ready to be sold.

Analysts are watching what happens next on the price chart. Technical analyst Trader Tardigrade has identified a potential cup-and-handle pattern forming on Ethereum’s daily chart.

$ETH / daily

Did #Ethereum just quietly break out of the handle?
Low-key breakout or fakeout? pic.twitter.com/FtZdl5hfdY

— Trader Tardigrade (@TATrader_Alan) March 25, 2026

A confirmed breakout would require ETH to clear the 50-day exponential moving average and key Fibonacci levels. Failing to do so could keep the token grinding sideways in its current range.

Price Holds Near $2,181 As Momentum Builds

As of March 25, ETH was trading near $2,181 with rising derivatives activity and improving momentum readings. Whether that’s enough to trigger a move higher depends on demand catching up to the shrinking supply picture.

Analysts say Ethereum remains in an accumulation phase and has not yet entered an established uptrend.

Featured image from Pexels, chart from TradingView

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Bitcoin (BTC) price pushed to $74,425 on 16 March, marking its strongest level since early February as a shift in the Middle East conflict improved risk appetite across markets. The move came after Iran’s new supreme leader, Mojtaba Khamenei, confirmed the Strait of Hormuz would remain open to all nations except the United States and

The post PrimeXBT: Bitcoin tests February highs as Iran partially reopens the Strait of Hormuz; key levels to watch appeared first on CoinGape.

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