Crypto Whales Dump Ethena (ENA)— Is a 13% Dip Next?
Despite a recent 24-hour price bounce, Ethena (ENA) faces a potential 13% dip due to whale selling, lagging volume, and bearish technical divergences.Summary
The Ethena (ENA) price has recently risen over 10% in 24 hours, trading near $0.28, though it remains down about 54% over three months. However, on-chain data suggests this rally lacks confirmation, making a 13% pullback likely.
Large holders, or whales, are reducing their exposure, having sold nearly 100 million ENA ($28 million) in the last 24 hours, weakening the rally's foundation. Technical indicators also signal caution: the On-Balance Volume (OBV) shows divergence, indicating price is rising faster than real buying volume, and the Relative Strength Index (RSI) exhibits a hidden bearish divergence, suggesting the broader downtrend may continue.
For ENA to sustain its rally, it must break and close above the key level of $0.29; failure to do so exposes a potential drop to $0.24 (nearly 13% down). A sustained move above $0.35 would be needed to invalidate the bearish divergences and target higher resistance levels.
(Source：BeInCrypto)