Ethena

Ethena (ENA) experienced a massive fall of over 45% in April 2024, but it recently gained attention from a crypto whale, causing the price to surge significantly. On May 6, 2024, an on-chain analytics firm, SpotOnChain, made a post on X (previously Twitter) stating that a whale address, 0x5ab, withdrew a massive 6.26 million ENA tokens worth more than $5.3 million. Whale attention on ENA token 
Additionally,SpotOnChain also highlighted in its post on X that this massive withdrawal was conducted through the world’s biggest cryptocurrency exchange, Binance, and the average cost for this massive withdrawal was $0.848. However, following this significant withdrawal, the ENA token’s price experienced a massive jump in its value, surging by over 10%. 
Examining this whale activity indicates that this might be a good buying opportunity. However, one thing we need to understand is ENA’s current price momentum. During the initial days of its launch, ENA’s price surged massively by over 150% after its listing on major exchanges. But later, following the release of United States CPI data, the Iran &amp; Israel conflict, and a record fall in the Yen against the dollar, caused the ENA price to plummet by more than 45%. Ethena (ENA) technical analysis and key levels 
During this price fall, the <a href="https://news.todayq.com/arthur-hayes-goes-bullish-on-ethena-expects-ena-to-hit-10/" rel="noopener noreferrer nofollow">ENA token</a> found support at the golden Fibonacci level of 38%, indicating potential buying opportunities. According to expert technical analysis, Ethena (ENA) appears bullish on the 4-hour time frame due to its recent trendline breakout. However, it is currently facing resistance near the $0.92 level. If the ENA token closes above the $0.92 level in the 4-hour time frame, we may witness a massive price surge of over 30%, potentially reaching the $1.2 level. Source: TradingView 
Currently, ENA is trading near $0.90, and in the last 24 hours, it has experienced a nearly 12% upside momentum. Looking at ENA’s performance over a longer period, it has only gained 13% in the last 7 days, whereas in the last 30 days, its price has dropped by over 16%.
However, the on-chain analytics firm also highlighted that besides the ENA withdrawal, this whale had only accumulated the world’s second-biggest cryptocurrency, Ethereum. According to the post on X, the same whale currently holds a massive 2,000 ETH worth $6.26 million and stakes with Pendle Finance, incurring an unrealized loss of over $584k.

Whale buy 6 mln ENA tokens at Fib 38% level, good entry signal?

Todayq News

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