Because the crypto market stands at a pivotal level for a bullish comeback, Ethena is struggling for a bullish takeoff. Much like Ethena, Ethena has been lacking a worth drop for the reason that begin of 2025.
Nevertheless, the current bullish stand in Ethena at an important psychological spot may lead to a breakout rally. Nevertheless, good merchants are watching out for this huge incoming provide wave.
So, must you take into account taking a protracted place on Ethena? Let’s discover out.
Ethena Value Evaluation: Can ENA Reclaim the $0.50 Mark?
Within the 4-hour worth chart, Ethena has revealed a dominant bearish pattern. Because the begin of February, the Ethena worth has taken a bearish reversal from the $0.83 mark with a night sharp sample. This resulted in an enormous drop of 42% to $0.47.
At the moment, the ENA worth pattern maintains a lateral pattern, sustaining dominance at $0.47. The overhead ceiling of the consolidation vary is the short-term provide zone at $0.54.
Amid the consolidation vary, the ENA worth hints at a possible double-bottom reversal, suggesting a excessive chance of a reversal rally. The RSI divergence indicator reveals a bullish divergence.
Moreover, the stochastic RSI indicator reveals a constructive crossover with a spike of their Okay and D strains from the oversold area. Therefore, the momentum indicators predict a reversal rally in ETH.
ENA Value Targets
At the moment, ETH trades at a market worth of $0.4945 and struggles to reclaim the psychological mark of $0.50. Nevertheless, with the rising technical indicator signaling a bullish reversal, the breakout of the 23.60% Fibonacci degree at $0.55 might be a game-changer.
As it would mark the top of the pullback part, the bullish potential will surge to almost 70%, making the 78.60% Fibonacci degree at $0.83 a possible worth goal.
Ethena Whale Exercise: Large Unstaking Poses a Risk
Regardless of the growing probabilities of a bullish reversal, a significant unstaking transfer from Ethereena whale is threatening a possible extension of the correction part. As per the current SpotOnChain tweet, the whale 0x8F9, one of many largest ENA stakers, has unstaked all of his ENA tokens.
These account for 17.875 million ENA tokens value $8.78 million. The entity has deposited your entire unstaked ENA tokens over Binance.
If the whale decides to promote ENA over Binance on the present market worth, it would face a big lack of $12.09 million. This can register a lack of 58% after 10 months.
The whale had collected the ENA tokens at a median worth of $1.167.