Ethena (ENA) Price Drops Below $1 Amid Market Correction
Ethena (#ENA) has a market cap of $2.619 billion, ranking as the 50th largest cryptocurrency with a 68% return over the past 30 days. However, recent selling pressure has resulted in the ENA price falling below $1, indicating an ongoing correction after an extended bull run.
Ethena (ENA) Price Analysis
ENA experienced a significant drop of 28.44% this week, forming consecutive bearish candles. The price has fallen from a swing high of $1.32 to its current trading value of $0.8943.
The daily RSI line indicates reduced buying pressure, having slipped below the midpoint. The weekly chart shows a correction following six weeks of gains, undermining last week's recovery.
Whale Holdings Grow amid Market Crash
Despite the price decline, whale holdings have increased significantly. Balances between $100,000 and $1 million rose by 108.67%, while holdings over $10 million grew by 89.85%. In contrast, there was a 20% decrease among whales holding $1 million to $10 million.
Retail investor optimism is also evident, with increases of 52% in holdings between $100 and $1,000, 67% for $1,000 to $10,000, and 105.54% for $10,000 to $100,000.
Whales Addresses Support Recovery Chances
Whale addresses show fluctuations, with a 27% increase in wallets holding between 1 million and 10 million ENA tokens. Wallets with 10 million to 100 million ENA saw a 9.52% rise, while those holding 100 million to 1 billion ENA increased by 16%. However, there was a 14.29% decrease in wallets holding between 1 billion and 10 billion ENA tokens.
Overall, whale and retail support for Ethena remains strong, suggesting potential for a bullish trend once the broader market stabilizes.
Ethena Whales Add $13.42M in 3 Days
A notable whale has accumulated 13.65 million ENA tokens worth $13.42 million over three days, indicating growing confidence among large investors.
Whales are accumulating $ENA. Over the past 3 days, this newly created wallet has withdrawn 13.65M $ENA($13.42M) from #Binance.
— Lookonchain (@lookonchain) December 20, 2024
Ethena Key Levels
In the short term, ENA may test the 50-day or 200-day EMA at $0.79 and $0.63, respectively. If the price rebounds from the 50 EMA line, it could retest the $1.00 psychological level.