During Thursday’s U.S. trading session, the crypto market witnessed a notable downtick as Bitcoin plunged below $90,000 again. While most major altcoins followed a similar momentum, Ethena price showed notable resilience and surged over 10% to reach the $0.37 mark. Will the recovery trend hold, or are sellers preparing for another downfall?
Key Highlights:
- 148 million ENA tokens moved to exchanges in 48 hours, indicating possible sell pressure.
- Since early January 2025, the 20-day Exponential Moving Average has acted as dynamic resistance against buyers.
- A breakdown below the 78.6% Fibonacci retracement level indicates the buyers currently have a weak hand to stall the falling price.
Exchange Inflows Signal Rising Sell Pressure
In a recent tweet, renowned crypto analyst Ali Martinez highlighted a massive 148 million Ethena (ENA) tokens transferred to exchanges in the past 48 hours The on-chain data suggests a sharp increase in exchange inflows, which could indicate a potential wave of sell pressure or strategic repositioning by investors.
Historically, significant token movements to exchanges have preceded volatility, often signaling investor intent to offload holdings. If sell-offs intensify, SENA’s price may face downward pressure from short-term investors.
Ethena Price Hints Another Support Breakdown
In the last two months, the Ethena token price has underperformed the broader market consolidation. The daily chart shows this altcoin plunged from $1.31 top to $0.37 current trading price, registering a loss of 71.3%.
This downfall pulled the asset below key daily EMAs (20, 50, 100, and 200) and recently breached the 78.6 Fibonacci retracement level. Despite today’s gain, the long-wick rejection candle accentuates the intact overhead supply and potential for further correction.
Thus, the Ethena price is likely to revert lower and challenge the $0.31 of November 2024 low. A potential breakdown will extend the downfall to $0.25 or $0.2 bottom.
Also Read: World Liberty Financial Expands Token Reserve with SUI – What’s Next?
