Ethena Price Faces 61.51% Drop Amid Whale Activity Concerns
As altcoins gain momentum, Bitcoin remains around $98,000, while Ethena (ENA) is attempting a reversal from the psychological support level of $0.50. However, recent whale activity suggests a possible continuation of the correction phase.
Ethena Analysis: ENA's 61.51% Drop
- ENA has experienced a major decline since early 2025, dropping from $1.31 to below the $1 mark.
- The breakdown of the $0.90 supply zone contributed to a 61.51% drop over six weeks.
- Currently, ENA is stabilizing near the $0.48 demand zone, indicating potential for a reversal.
- A 5.37% intraday gain suggests a Morning Star pattern may form, possibly leading to a double-bottom reversal.
- Technical indicators show increasing buying pressure, with MACD lines nearing a positive crossover and RSI indicating oversold conditions.
Whale Activity: Major ENA Staker Turns Bearish
- A large staker, identified as whale 0x8f9, has unstaked 17.875 million ENA tokens valued at approximately $8.78 million.
- The whale deposited these tokens on Binance, likely preparing to sell.
- This decision could result in a loss exceeding $12 million if sold at current market prices.
Ethena Price Target: Potential Outcomes
- Short-term analysis indicates a 15% potential increase towards local resistance.
- A breakout could lead to a 75% rise, challenging the $0.90 supply zone.
- A close below $0.48 may result in a drop to $0.30.