CandleFocus Ethena price reverses as whales dump, exchange balances rise
2024-12-26
Author: Content Editor
The price of Ethena (ENA) token has been declining for three consecutive days, dropping below $1 for the first time since December 20. The drop in price is attributed to overall market sentiment and the selling activities of whales. On-chain data shows that significant amounts of ENA tokens were sold by whales, including a transaction of 11.6 million ENA tokens worth $11 million. This comes after Arthur Hayes, founder of Bitmex and an early investor, sold some of his ENA tokens. Additionally, the number of tokens on exchanges has been increasing, further contributing to the bearish outlook. The technical analysis indicates that Ethena may continue to drop, with the immediate target being the neckline of a head and shoulders pattern at $0.8552. Should the price fall below this level, it could potentially reach the oversold level of $0.5860.
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