Ethena Price to Reach $1.5? Whale Activity and Boom Significance

As Bitcoin fell below $100k on Thursday, December 19, the crypto market saw another selling wave. Powell's hawkish statement on Wednesday accelerated negative momentum in most major cryptocurrencies, starting this corrective phase. The Ethena price, which lately received market attention, may rebound quickly due to whale buying and reversal setup.

ENA is trading at $0.94, down 12.4% intraday. Its market worth is $2.77 billion, and its 24-hour trading volume is $1.22 billion, according to Coingecko.

Key Highlights:

The big ENA recovery trend is driven by a rounded bottom.

Ethereum price correction support may be $0.88 or $0.76, near to 38.2% and 50% Fibonacci retracement levels.

Positive crossing from the 100- and 200-day exponential moving average might boost bullish momentum and price reversal.

Whales Buy Millions in Tokens, Boosting ENA Futures Open Interest

Whales are buying Ethena (ENA) due to Trump's World Liberty Financial's ties to it.

In 48 hours, a whale opened a new wallet and withdrew 8 million ENA, worth $9.2 million, from Binance. Lookonchain data shows increasing whale activity and token interest.


ENA Whale Buying|Lookonchain

In the last two months, ENA futures open interest has increased 317% from $157 Million to $650 Million. The substantial surge in OI data indicates heightened speculative activity and market involvement, indicating traders are ready for big price volatility.

Futures ENA Open Interest

Ethena Price Correction Sets Up Rounding Bottom
Ethena fell 28% from $1.33 to $0.94 in a four-day correction. Regarding ENA coin performance in November and early December, the current downturn may help purchasers regain positive momentum.

Altcoins trading over 38.2% FIB and important daily EMAs (50, 100, and 200) signal a bullish trend.

A daily chart shows Ethena's price recovering in a U-shaped pattern, suggesting a rounded bottom. A significant bottom trend indicates a smooth shift from decline to accumulation and recovery on the chart.

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