Here’s why Ethena [ENA] faces selling risk despite undervalued signals
Ethena [ENA] recorded a 12.82% drop on Thursday, 2 April, when its value slid from $0.0905 to $0.0789. Now, it has bounced again above $0.08 since then. Nevertheless, at press time, its long-term development was nonetheless bearish.
The MVRV pricing bands use the market value-to-realized worth ratio to find out whether or not an asset is overvalued or undervalued. Curiously, ENA didn’t attain the higher extremes of the pricing bands throughout the crypto bull run.
On prime of that, it has been under the decrease extremes of the pricing bands since October 2025. The press time market value was $0.08, whereas the realized value was at $0.373. The % supply-in-profit metric was 0.018%.
In different phrases, most ENA holders seemed to be severely underwater on common.
Time to purchase ENA?
Worth buyers could make the argument that purchasing Ethena right here may end up in outsized features. Nevertheless, the related danger must be thought of too.
Particularly since Bitcoin [BTC] has been on a downtrend for some time, one that might final one other six months.
Over the previous month, the holder accumulation ratio has trended south. The metric highlights the proportion of energetic holders who’ve been rising their holdings.
Whereas a studying of 74% indicated a internet accumulation from energetic members, the short-term sentiment appeared to level in direction of promoting.
Santiment knowledge additionally underlined this accumulation conduct. The 365-day imply coin age has been trending increased in 2026, although it noticed a sizeable reset in early March. Over the previous two weeks, the metric has been transferring increased to point accumulation.
And but, the community exercise metrics highlighted a weak point. The every day energetic addresses and community development have been hovering round six-month lows. The weak community exercise and low holder profitability pointed to a troublesome downside for bulls to beat.
Regardless of the buildup clues, it could be overwhelmingly doubtless that any ENA value bounces can be aggressively bought off. Holders would wish to take income or exit at breakeven after the relentless downtrend since October 2025.
Remaining Abstract
- On-chain metrics hinted at ENA accumulation from holders.
- Worth buyers must be cautious since whereas shopping for the lows is a good suggestion on paper, the present downtrend won’t be over but.
