#加密市场回调
Ethena Price Trend Analysis: Expected to Move Towards $1.5?
Recently, the hawkish remarks made by Fed Chairman Powell on Wednesday were like a boulder thrown into a calm lake, instantly accelerating the original downward trend of most major cryptocurrencies, thus starting this correction phase. However, in the current slightly turbulent market environment, the highly anticipated Ethena has shown a different trend. Its price is likely to usher in an opportunity for a rapid rebound due to the large purchases of whales and the market reversal force.
Currently, Ethena (ENA) is trading at $0.94, down 12.4% from the previous trading day. According to data provided by Coingecko, its market value has reached $2.77 billion, and its 24-hour trading volume has reached $1.22 billion. It is not difficult to see from these data that Ethena has occupied a certain weight in the cryptocurrency market.

1. Analysis of key highlights

Round bottom drives big recovery trend


It is worth noting that the big recovery trend of Ethena's price is driven by the round bottom pattern. This technical pattern often indicates that the price is about to reverse in the market, gradually transitioning from a downward trend to an upward channel, laying the groundwork for subsequent increases.

Key support levels and moving average crossover influence


Further analysis shows that the support level of Ethereum price may be around $0.88 or $0.76, which are close to the 38.2% and 50% Fibonacci retracement levels. Once the price touches these key support areas, it will often attract the attention of market participants, which may become an important node for the price to stop falling and rebound.
At the same time, from the perspective of moving averages, if the 100-day and 200-day exponential moving averages cross positively, this will undoubtedly be like injecting a shot of "heart booster" into the market, greatly enhancing the bullish momentum, driving prices to reverse, and creating more favorable technical conditions for Ethena's price to rise.

2. Positive impact of whale purchases

Whales enter the market, pushing up open interest


Recently, a significant phenomenon is that whales have entered the market to purchase millions of Ethena tokens. This behavior has directly led to a significant increase in the number of open interest in ENA futures. Over the past two months, ENA futures open interest has surged 317% from $157 million to $650 million. Such a substantial increase fully demonstrates the intensification of market speculation and the increase in overall participation. It also means that many traders are ready to deal with possible large price fluctuations at any time.

The connection behind it has attracted attention


The reason why whales are keen on buying Ethena (ENA) is closely related to Trump's World Liberty Financial. According to Lookonchain data, in just 48 hours, a whale opened a new wallet and withdrew 8 million ENA tokens worth $9.2 million from Binance. This shows that whales are becoming more and more active, and the market's interest in ENA tokens is also rising.

3. Price Adjustment and Outlook

The formation of a round bottom pattern


Looking back at the recent price trend of Ethena, during the four-day adjustment, its price dropped from $1.33 to $0.94, a drop of 28%. However, judging from the performance of ENA tokens in November and early December, the current period of downturn may become a great opportunity for buyers to enter the market, helping the market to resume its positive momentum.


Moreover, from the perspective of the entire altcoin market, its trading volume has exceeded the 38.2% Fibonacci retracement level and important daily exponential moving averages (including 50-day, 100-day and 200-day moving averages), which are a series of signs that indicate the gradual formation of a bullish trend. Moreover, the daily chart clearly shows that the price of Ethena has shown a U-shaped recovery trend, which undoubtedly indicates that the bottom has been quietly formed. From the chart, it can be intuitively seen that the price trend has smoothly transitioned from a falling state to an accumulation stage, and then started a journey of recovery.
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