Ethena (ENA) Price Expectation for Early 2025: Risk Assessment of a 50% Drop to $4.5
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Ethena (ENA) is facing multiple bearish factors, especially technical patterns, selling pressure in the derivatives market, and upcoming token unlocking, which may increase downward price pressure.
Head and Shoulders Pattern Suggests Downside Risk
On the 4-hour chart, ENA formed a head and shoulders pattern, indicating a bearish signal. Once the support level (neckline) is broken, it may lead to a sharp drop in price.
Target Price: This pattern may lead to a drop in price to $0.454, a drop of nearly 49.10% from the current price of $0.92.
Selling Pressure in the Derivatives Market
ENA faces continued selling pressure in the derivatives market.
Funding Rate: The current funding rate is -0.0019%, indicating that shorts dominate the market and further downward pressure may intensify. Open interest: Open interest fell by 2.43%, indicating a decline in market participation and weakened confidence.
Reduced outflow from exchanges, oversupply risk
The reduction in ENA outflow from exchanges means that the number of tokens available in the market has increased, which may increase selling pressure.
Additional supply: 12 million ENA tokens will be unlocked and released to the market in January. If demand is not enough to absorb the additional supply, the price may fall further.
Future outlook: increased downside risks
Overall, ENA faces continued downward pressure. Without strong support, the price may further drop to $4.5. Therefore, investors need to be vigilant to market trends and technical signals to avoid further losses.
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