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- ENA price has been struggling near the $1 mark.
- Ethena price has advanced by 182% since November.
- A few hours ago, Arthur Hayes transferred the remaining 2 million $ENA ($2.12 Million) to Bybit.
Ethena (ENA) price has displayed a parabolic recovery and has exceeded the psychological level of $1. Ethena crypto price has been following the higher highs and higher lows format. However, recently, this chain concluded as the price failed to surpass the last swing high. This price behavior has generated panic situation among sellers.
Whales started selling ENA crypto which might bring a bearish trend in the next few days. Arthur Hayes transferred the remaining 2 million $ENA ($2.12 million) to Bybit three hours ago.
Holders Selling-off ENA Crypto: Analysts Weigh In
Spot On Chain is a crypto analysis page on Twitter that claims that Whales are losing interest in ENA crypto. Many of Arthur Hayes’ Ethena (ENA) tokens have been moved, which could lead to market repurcations. Three hours ago, Hayes added 2 million ENA, or roughly $2.12 Million, to the Bybit exchange.
It also fits into a larger trend that has been seen over the last two days, during which Hayes unstaked and transferred 9 million ENA worth $10.6 Million to the top exchanges, Binance and Bybit. Each of these tokens had an average price of $1.173. Hayes still has about 7.94 million ENA, which is staked and pegs 8.1 million, in spite of these enormous numbers of movements.
Technical Analysis of Ethena Price Over 1-D Timeframe
Ethena crypto was trading at $1.027 at press time, down by 4.58% over the past 24 hours. Its market capitalization was $2.02 Billion and the 24-hour trading volume was $549.82 Million.
Buyers seem to be exhausted over the $1 mark and may have lost the potential for further rally.
If the price trades below the 20-day EMA, it could be a bearish signal. Here, most traders and investors might prefer to book profit which could lead to a bearish trend.
A buying scenario could be generated if Ethena holds above the $1 mark. Once the price forms a bullish candlestick pattern on the 20-day EMA, massive buying pressure could be seen.
Turning to the technical indicators, the RSI fell and remained below the RSI-based moving average. MACD has triggered a death crossover with the Signal line and is plummeting. Moreover, the ENA price was consolidating, but the histograms were red.
ENA Price Analysis and Whale Activity
Ethena (ENA) is in a consolidation phase. This means there’s no imminent negative or positive signal on the chart.
ENA is stabilizing after experiencing significant price movements—like the recent surge over the psychological $1 mark. This can happen after a rapid increase, as traders might pause and reassess market conditions.
If the ENA price remains in this consolidation phase, it may either prepare for another upward move if buyers regain strength or indicate a potential downturn if sellers take control. Traders often look for key patterns or signals during consolidation to make informed decisions about their next moves.
Disclaimer
This article is for informational purposes only and provides no financial, investment, or other advice. The author or any people mentioned in this article are not responsible for any financial loss that may occur from investing in or trading. Please do your research before making any financial decisions.
