Ethena (ENA) Falls 17% Amid Heavy Whale Selling
Key Takeaways
- Ethena (ENA) dropped by 17% within 24 hours.
- Large investors (“whales”) sold approximately 2.65 million ENA worth about 977,000 USD.
- A strong resistance level exists at 0.378 USD – previously, 2.83 billion ENA were traded at that price.
- Retail investors continue to buy: 1.59 million USD flowed into ENA purchases.
- Development activity on GitHub remains high – a positive signal for the platform.
Strong Selling Pressure from Large Investors
Over the past 24 hours, Ethena (ENA) has experienced a significant price decline. The price fell by 17%, mainly due to massive sell-offs by large investors – also referred to as “whales.” This group sold around 2.65 million ENA, equivalent to roughly 977,000 USD.
Such sales often influence the behaviour of other market participants. Many respond by selling as well, which further increases downward pressure. The current situation highlights how much influence certain groups can have on the market.
Resistance at 0.378 USD as a Critical Level
According to the analysis tool “In/Out of the Money Around Price” (IOMAP), a significant resistance level lies at 0.378 USD. At this level, 2.83 billion ENA were previously traded by only 1,430 addresses. Many of these traders might sell again if the price rises, which could put renewed pressure on the price.
Additionally, the Taker Buy/Sell Ratio – an indicator of the ratio between buy and sell orders in the derivatives market – shows a declining trend. The current value is 0.884. This suggests that more traders are betting on falling prices.
Retail Investors Betting on Stability
In contrast to the large investors, retail investors – that is, individual small investors – appear optimistic. They invested a total of 1.59 million USD in purchasing ENA. This buy volume even exceeds the amount sold by the large investors.
This development could provide short-term stability. If buying pressure continues, there is potential for the price to recover – at least partially.
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Technical Development Remains Solid
A look at Ethena’s GitHub activity shows that the platform continues to be actively developed. There are no critical open issues or pending updates. The number of commits and stars is at a peak. This indicates a committed development team and a solid technical foundation.
Such developments are important in the long term, as they build trust in the project and help foster user retention.
Our Assessment
Currently, sellers dominate the market. Large investors have put significant pressure on the price through their sell-offs. However, there are some bright spots: strong buying interest from retail investors and solid technical development suggest a possible recovery.
Whether the resistance at 0.378 USD can be broken depends on several factors – including the behaviour of large investors and the overall market conditions. In the short term, Ethena remains volatile. In the long term, however, the project could prove resilient, provided development continues actively and community trust is maintained. Anyone invested or considering investing should closely monitor price movements and the behaviour of major market participants.
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