Ethena is at a critical support level of $0.50, aiming for a double-bottom reversal.
A potential bullish breakout could see ENA regain 75% upside, targeting $0.90.
Whale 0x8f9 has unstaked 17.875M ENA tokens and moved them to Binance, signaling potential sell pressure.
If ENA fails to hold above $0.48, the next support zone lies at $0.30.
As altcoins continue to gain momentum, with Bitcoin stuck at $98,000 levels, Ethena faces a battle of its own. It is taking a bullish stand at $0.50 psychological support, aiming for a reversal.
However, the recent whale activity warns of a potential extension in the correction phase. As the ENA price trend hits a crucial crossroads, bullish sentiments anticipate a reversal rally.
Ethena Analysis: Can ENA Reverse Its 61.51% Drop?
In the daily chart, the ENA price trend showcases a major downfall since the start of 2025. Taking a double-top reversal from $1.31, ENA price broke under the $1 psychological mark.
Ethena Price Chart
Furthermore, the downfall extended with the breakdown of the $0.90 supply zone. The ongoing bearish trend has led to a 61.51% drop over the past six weeks.
Furthermore, the downfall has created a local resistance trend line, keeping the bearish trend intact. Currently, ENA starts a sideways shift near the $0.48 demand zone, hinting at a potential reversal.
Supporting the bullish chances, the 5.37% intraday gain hints at a potential Morning Star pattern to kick-start a double-bottom reversal. The reversal rally will likely challenge the overhead resistance trend line and aim for a bullish breakout.
Supporting the bullish team, the technical indicators hint at a resurgence in buying pressure. The MACD and signal lines are on the verge of giving a positive crossover as the bearish histograms decline in intensity.
Furthermore, the daily RSI line is hinting at a potential bullish reversal from the oversold regions. Hence, the momentum indicators support the upside potential in ENA.
Whale Activity: Major ENA Staker Turns Bearish
As Ethena stands at a crucial crossroads, the recent by SpotOnChain reveals one of the largest Ethena stakers turning bearish. The whale 0x8f9 has unstaked the entire 17.875 million ENA tokens worth $8.78 million.
After unstaking, the whale deposited the entire ENA tokens on , likely preparing to sell them. Prior to staking, the whale had accumulated the ENA tokens at an average price of $1.167.
While the accumulation occurred mostly during the swing highs, a recent decision to sell will likely incur a major loss for the whale. If selling at the current market price, the whale could face a $12 million loss for more than a 50% loss.
This would mark one of the whale’s largest losing trades over the past 10 months.
Ethena Price Target: Will ENA Rally 75% or Drop to $0.30?
The short-term analysis hints at a 15% potential to challenge the local resistance trend line. However, the breakout rally will significantly extend the bullish potential to 75% and challenge the $0.90 supply zone.
On the flip side, a bearish closing under $0.48 will likely drop the ENA prices to $0.30.