Ethena [ENA] whales lock in losses, but did they exit too soon?

• Whale took a 13% loss after a 3-month commerce as one other opens a 10x lengthy on ENA and closes with a loss.
• ENA value was buying and selling above a descending channel, and a break again into the sample might imply a continued drop.

Ethena [ENA] was down about 7.60% regardless of buying and selling quantity surging 85% within the final 24 hours as of press time.

The altcoin may very well be set for vital strikes in both path, however the whales’ actions offered a path dilemma.

Are ENA whales exiting too early?

A whale bought 15.473 million ENA at a mean value of $0.404. After unstaking, they deposited the remaining 12.16 million ENA—value $4.42 million—into Binance at $0.347.

This marked the tip of a three-month ENA commerce, leading to a lack of $817K, roughly 13.1%. In complete, the whale has bought 15.66 million ENA, valued at $5.43 million.

Supply: TradingView

One other whale deposited $10.1 million USDC into Hyperliquid, taking lengthy positions in ENA, PEPE, and NEAR, incurring a $400,000 value within the course of.

As the value vary tightened, patrons stepped in, hinting that the market is perhaps gearing up for a rally.

Nonetheless, ENA’s capitulation appeared pushed by promoting strain, regardless of the value remaining above a downward channel. This raises questions on timing—did the whales transfer too quickly?

Will historical past repeat as USDe provide surges?

The worth of the altcoin stood at $0.3531, at press time, a bit above its higher border, suggesting it could quickly rebound from its long-lasting descending channel.

After a surge earlier in Might pushed the value up past $0.40, it pulled again a bit.

If ENA maintains a better worth than the channel traces, it might transfer larger to $0.50, with $0.8019 as the larger goal. If ENA falls under $0.35, it might reverse and transfer again to decrease ranges under $0.28.

The MACD evaluation confirmed that the MACD line and the sign line have been intersecting at 0.0151, whereas the histogram remained flat—indicating impartial momentum.

Supply: Buying and selling View

When market uncertainty is excessive, a serious value transfer can happen—both patrons will take management, or sellers break help once more.

The higher boundary of the descending channel acted as a crucial help stage, however till value motion confirmed a breakdown, the extent remained intact.

A value above $0.35 might sign power, however dropping under it’d set off a recent sell-off. On the time, it was unclear whether or not ENA’s place would achieve traction or weaken additional.

In the meantime, Ethena’s stablecoin, USDe, noticed a $300 million surge in provide over the previous week as funding charges improved.

This mirrors an identical occasion from October 2024, when USDe skyrocketed from $0.25 to a report excessive of $1.25.

Supply: CoinMarketCap

Now that the state of affairs was comparable, many have been satisfied one other daring transfer for ENA was starting.

If what historical past tells us is right, this could be the start of huge advances at Ethena Labs, so this might draw traders who hope to achieve nice income.