$ENA "Don't Jump Ship: Understanding ENA's Price Manipulation Tactics"

ENA's value dropped quickly, largely due to ETH, but unlike ETH, which recovered to its original price, ENA has only rebounded to less than 50% of its drop. The coin's price range of 0.510 to 0.577 is a low point that should only be reached if there's a significant negative impact on the market. Additionally, the spot market and futures trading for ENA are showing discrepancies. The spot market indicates that the coin could easily surpass $1 due to its liquidity positions, while futures trading suggests the value might drop to 0.500 or lower.

Since the ETH ETF was approved in late May 2024 and trading by ETF-approved companies will begin in 5-6 days, ETH is expected to see upward rallies. ENA whales are likely trying to keep the ENA price between 0.590 and 0.796 before ETH's rallies so they can buy ENA at a discounted price and make more profit. This strategy also causes small investors to sell at a loss or move to other coins due to frustration with the stagnant price. Such tactics often work for whales, as seen many times before, causing small traders to abandon the market prematurely. Therefore, it’s wise to stay patient. ENA is expected to hit $1 in a few days, so keep learning from these market behaviors to improve your future trades.