The price of Ethena (ENA) plummeted 28.44% this week, breaking the key support level of $1, which seems to have brought a lot of shock to the market. Nevertheless, a whale has accumulated 13.65 million ENA tokens in just three days, worth about $13.42 million. This move makes people wonder: Can the whale prevent further declines and bring Ethena a chance to reverse?

Market analysis: short-term volatility, long-term bullish?

The price of Ethena has fallen rapidly in the past week, from a high of $1.32 to the current level of around $0.90, and there is no sign of stopping the decline. This pullback occurred at a time when the overall ETH market was adjusting, and Ethena was obviously not immune. It is worth noting that the current decline broke through the psychological support level of $1 and the 20-day EMA line, and market sentiment has become more cautious.

However, the price drop is not all bad news. Although the market is undergoing adjustments, the Whale group (whale investors) has not left the market. Instead, the holdings between $100,000 and $1 million have increased by 108.67% in the past 30 days, and the increase in whales has exceeded $10 million, an increase of 89.85%. This phenomenon reflects that whales are more willing to accumulate ETHENA at low prices, and seem to be confident in future price rebounds.

Whale action: key factors supporting the rebound

Although retail investors’ holdings are increasing, especially the holdings in the $1,000-10,000 range, which have increased by 67%, the most eye-catching is the actions of whales. In the past three days alone, a newly created wallet withdrew 13.65 million ENA tokens from Binance, worth $13.42 million. This wave of whale funds inflows is clearly laying support for the future price of Ethena.

Although the current market volatility is large, the continued increase in holdings by whales and high-net-worth investors has undoubtedly provided some support for the price of Ethena. As the market gradually regains stability, the current accumulation phase is likely to create favorable conditions for Ethena's rebound.

Ethena's key support and resistance levels

For the short-term price trend, the key support levels facing Ethena are $0.79 and $0.63, while the resistance level is concentrated at the psychological level of $1. If the price can find support near $0.79 and rebound above $1, Ethena will be expected to start a new upward trend.

Conclusion: Opportunities in market adjustments

Although Ethena is currently under pressure, with the continued increase in whale holdings and the gradual end of market adjustments, we have reason to believe that Ethena's rebound will be an opportunity worth looking forward to. Just like the reversal trends of many cryptocurrencies in history, the current price correction may be an opportunity to buy at a low price.

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