- On-chain metrics revealed that exchanges have witnessed an outflow of $6.68 million worth of ENA.
- Ethena could surge by 40% to reach its next resistance level of $1.5 if holds itself above the $1.05 level.
As a seasoned crypto investor with a knack for spotting trends and analyzing market dynamics, I find myself intrigued by Ethena [ENA]. The recent influx of $5.92 million worth of ENA into a newly created wallet is indeed an interesting development that could potentially signal a whale’s entry or accumulation phase.
During the current upward trend in cryptocurrencies, Ethena (ENA) has been generating a lot of buzz and capturing the interest of crypto enthusiasts.
On December 18th, 2024, the blockchain transaction tracking platform, SpotOnchain, announced via its social media channel (formerly known as Twitter), that a recently established digital wallet has obtained approximately 5.29 million ENA tokens, valued at around $5.92 million.
However, this substantial amount of ENA was acquired at an average price of $1.12 from Binance.
At present, there’s a blend of optimism and pessimism in the market as some assets, such as Bitcoin [BTC] and Ripple [XRP], exhibit strong growth, whereas other investments are grappling with downturns and decreasing prices.
Ethena’s bullish on-chain metrics
Despite the turbulent market conditions, it appears that those holding onto ENA tokens for a longer period are gradually increasing their holdings, as suggested by data from the analytical company, Coinglass.
According to the data provided by ENA’s Spot Inflow/Outflow metrics, there was a substantial movement of approximately $6.68 million in ENA from exchanges into personal wallets. This transfer could indicate a positive trend and a promising moment for investment, as it often signifies increased demand and potential price growth.
Beyond just investors holding onto ENA for the long term, traders also exhibit a positive outlook, taking substantial long positions in the cryptocurrency. This suggests a 1.25 ENA Long/Short ratio, which signifies a robustly bullish attitude among these traders.
Currently, about 55.57% of leading cryptocurrency traders are invested in holding assets for potential growth (long positions), whereas approximately 44.43% are speculating on a decrease (short positions).
ENA technical analysis and key levels
Based on AMBCrypto’s technical assessment, it seems that ENA is currently testing the resistance at approximately $1.05, a level previously broken through horizontally.
Given the latest market trends, if ENA consistently stays above $1.05, there’s a robust likelihood that it might jump by around 40%, aiming for its upcoming resistance level and even setting a new record high price.
Looking on the optimistic side, ENA’s Relative Strength Index (RSI) stayed under the overbought area, suggesting that the asset may have potential for further growth in the upcoming days.
With increasing enthusiasm among whales and strong buying activity, it seems the bulls have taken control of the market right now. This positive trend might help sustain the asset’s value and possibly ward off any impending price drop.
Read Ethena [ENA] Price Prediction 2024-25
Currently, the price of ENA is hovering around $1.06, having dropped by approximately 8.5% over the past day.
For this timeframe, there was a 40% decrease in trading activity, suggesting less involvement from both traders and investors as they seem to be holding back during the current market adjustment.
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2024-12-19 02:15