Recent whale movements around Ethena (ENA) attract market attention. Some participants are exiting positions while others are accumulating tokens.
Whale Activity and Their Strategies
The whale associated with the address '0xb7d' closed its position by moving 12.16 million ENA to Binance, incurring a loss of approximately $817,000. This follows earlier withdrawals in late February when two new wallets accumulated 23.93 million ENA, indicating a potential long-term strategic buildup.
Current Support and Resistance Levels
Currently, ENA trades around $0.3786 following a significant drop from $0.4633. From a technical perspective, the support level is at $0.25, which could potentially attract buying interest. Additionally, key resistance levels have been identified: $0.8050, $1.0849, and $1.3595.
Market Outlook and Risk Management
Current indicators suggest ENA might be entering another phase of accumulation. The $0.25 support level serves as a potential stop-loss, while resistance targets offer favorable risk-to-reward ratios.
Analysis of whale activity and technical indicators provides a comprehensive view of the ENA market. Traders should closely monitor price dynamics and the potential for recovery.
