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As the crypto market stands at a pivotal point for a bullish comeback, Ethena is struggling for a bullish takeoff. Similar to Ethena, Ethena has been missing a price drop since the start of 2025.
However, the recent bullish stand in Ethena at a crucial psychological spot might result in a breakout rally. However, smart traders are watching out for this massive incoming supply wave.
So, should you consider taking a long position on Ethena? Let’s find out.
Ethena Price Analysis: Can $ENA Reclaim the $0.50 Mark?
In the 4-hour price chart, Ethena has revealed a dominant bearish trend. Since the start of February, the Ethena price has taken a bearish reversal from the $0.83 mark with an evening sharp pattern. This resulted in a massive drop of 42% to $0.47.
Currently, the $ENA price trend maintains a lateral trend, sustaining dominance at $0.47. The overhead ceiling of the consolidation range is the short-term supply zone at $0.54.
Amid the consolidation range, the $ENA price hints at a potential double-bottom reversal, suggesting a high probability of a reversal rally. The RSI divergence indicator reveals a bullish divergence.
Furthermore, the stochastic RSI indicator reveals a positive crossover with a spike in their K and D lines from the oversold region. Hence, the momentum indicators are expecting a reversal rally in $ETH.
$ENA Price Targets
Currently, $ETH trades at a market price of $0.4945 and struggles to reclaim the psychological mark of $0.50. However, with the rising technical indicator signaling a bullish reversal, the breakout of the 23.60% Fibonacci level at $0.55 will be a game-changer.
As it will mark the end of the pullback phase, the bullish potential will surge to nearly 70%, making the 78.60% Fibonacci level at $0.83 a potential price target.
Ethena Whale Activity: Massive Unstaking Poses a Threat
Despite the increasing chances of a bullish reversal, a major unstaking move from Ethereena whale is threatening a potential extension of the correction phase. As per the recent SpotOnChain tweet, the whale 0x8F9, one of the largest $ENA stakers, has unstaked all of his $ENA tokens.
These account for 17.875 million $ENA tokens worth $8.78 million. The entity has deposited the entire unstaked $ENA tokens over Binance.
If the whale decides to sell $ENA over Binance at the current market price, it will face a significant loss of $12.09 million. This will register a loss of 58% after 10 months.
The whale had accumulated the $ENA tokens at an average price of $1.167.