Coinspeaker Ethena (ENA) Price Analysis: Minor Pullback Shake Whales, Is $1 on Horizon?
Despite the fresh breath of recovery in the crypto market, Ethena ENA $1.15 24h volatility: 4.9% Market cap: $3.48 B Vol. 24h: $427.85 M struggles to sustain its bullish growth. Failing to outgrow the December range, the pullback in Ethena grows intense.
Will this result in a breakdown below the $1 psychological mark? Or is a bullish extension on the horizon?
ENA Price Analysis
In the 4-hour chart, Ethena price action reveals a minor pullback. This creates a falling wedge pattern as the ENA price drops to the $1.15 mark. The ongoing pullback started after the 7.19% drop last night.
This was continued by the 1.62% intraday pullback, reflecting the surge in selling pressure. The bearish pullback has ended the 5-day bullish week of last week, accounting for a price surge of nearly 40%.
However, this might be a minor pullback before the bullish trend regains momentum. Until then, ENA price remains within $1.3291, which is the upper range of the December price movement.
Currently, ENA price is reflecting lower price rejections over its past two 4-hour candles, projecting a potential reversal. The bullish recovery might face opposition at the 78.60% Fibonacci level, in confluence with the local resistance trendline at $1.20.
The bullish breakout of this level will increase the chances of an uptrend continuation significantly. The price targets for Ethena beyond the current all-time high stand at the $1.50 psychological mark and $1.75.
Major Ethena Offloading
As Ethena stands on uncertain grounds, the whales and institutions are offloading gradually. Over the past 24 hours, two wallets have deposited 16.83 million ENA tokens. These transactions to centralized exchanges reflect the institutional support declining for Ethena.
A multi-signature wallet 0xc69 has deposited 10 million ENA tokens worth $11.9 million over Bybit. The wallet is left with 124.7 million ENA tokens worth $144 million under staking.
Allegedly, this wallet seems to be shared by the same Bybit deposit address with Arthur Hayes, founder of BitMEX.
Additionally, Galaxy Digital has deposited 6.38 million Ethena tokens over Binance at $1.173. The deposit amount is 6.38 million ENA tokens worth $7.49 million. The institution withdrew 10.9 million ENA tokens from Binance at $0.925 on December 5.
The entity continues to hold 4.45 million ENA tokens with an estimated total profit of $2.64 million.
A whale 0x687 has recently unstaked and deposited nearly 5 million ENA tokens worth $6 million over Binance. The average selling price was recorded at $1.23. The whale withdrew 5.97 million Ethena tokens from Binance at an average price of $0.75.
If they realize the profit of this whale, it comes to $2.38 million, generating an astounding return of 64.2% in slightly more than a month.
Will ENA Price Break Under $1?
On the bearish front, a downfall will challenge the 50 EMA line at the 61.80% Fibonacci level at $1.1187. Meanwhile, the crucial support for Ethena remains at the $1 psychological mark at the 38.20% Fibonacci level.
This is extremely close to the 200 EMA line, highlighting the chances of Ethena losing the $1 mark are extremely low, as long as the crypto market remains bullish.
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Ethena (ENA) Price Analysis: Minor Pullback Shake Whales, Is $1 on Horizon?
