Ethena Price Dives 5% As A Whale Deposits 3.8M ENA To Binance

The Ethena price has slipped 5% today, as the altcoin has fallen to $0.5465, raising concerns about potential further selling. 

Further, Ethena stands out with a market cap of $834 million and a Total value locked (TVL) exceeding $3.5 billion. As ENA experiences a sharp decline, questions arise about the potential reasons behind the sell-off and what it means for future price movements. 

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However, an Onchain Datanerd took to platform X, noting that whale 0x2Ea deposited 3.8 million ENA worth ($2.12 million) to Binance.

7 hours ago, a whale 0x2Ea deposited 3.8M $ENA (~$2.12M) to #Binance.
If sold at current price, he will have realized loss ~$1.72M

Last month, he accumulated 11M $ENA for ~$11.2M and still staking 7.1M $ENA in #Pendle with unrealized loss ~$3.22M

Addresshttps://t.co/AeOJsVHkjA pic.twitter.com/56968Ll2b6

— The Data Nerd (@OnchainDataNerd) June 27, 2024

However, if this whale wallet sold the accumulated ENA at the current price, he would have realized a loss of $1.72M.

Ethena Statistical Data

Based on Coinmarketcap data:

• Ethena price now – $0.5465
• Ethena market cap – $830 million
• Ethena total supply – 15 billion
• Ethena circulating supply  –  1.5 billion 
• Ethena ranking – #80

The Ethena price is trading with a bearish bias, displaying lower lows as it remains confined within a descending parallel channel. 

Despite this, buyers are actively attempting to push the price higher, encountering resistance at the upper trendline of the channel.

The technical outlook of ENA on a 4-hour timeframe signals that the lower highs on the Relative Strength Index (RSI) show continued momentum fall. The RSI is below the 50-mean level, currently at 39, suggesting that bears lead the ENA market. However, with increased bullish momentum, the RSI could potentially hurtle towards the 50 threshold, invalidating the bearish thesis. 

The ENA price is notably trading below the 50-day SMA and 200-day SMA, with $0.5923 and $0.7784 acting as the immediate resistance barriers. As the bulls are hurtling to break above the channel’s upper trendline, they could use the 50-day SMA to propel the price past the 200-day SMA to around $1.00.

Moreover, the MACD (Moving Averages Convergence Divergence) is in negative territory, suggesting the bears control the market. However, the MACD line(Blue) is above the signal line(Orange), which suggests that the short-term trend momentum is positive. This indicates the potential for further upward movement in ENA price.

ENA Bulls Poised To Break Above The Channel: Will They Trigger A Rally?

Currently, the ENA price is trading on a bearish trend. However, the bulls seem to be heading towards breaching the upper boundary of the governing pattern. Additionally, the Moving Average Convergence Divergence (MACD) position above the signal line (orange band) suggests that the short-term moving average is above the long-term moving average, indicating a potential upward trajectory. This signals that the bulls are gaining momentum to be in control. 

Ethena could attempt to flip the $0.5923 resistance level into support if ENA bulls initiate a buyback campaign at these levels. If bulls capitalize on the potential opportunity, the ENA price could climb to $1.50. In a highly bullish scenario, if the bulls attempt to flip the 200-day SMA resistance into support, they could trigger a bullish rally, which could set the ENA price at $2.00

Conversely, if the bears exert more pressure at this level, the token may drop further, breaching the lower boundary of the pattern. This would lead to the ENA price retesting at the $0.4599 mark.

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