1. ENA is seeing significant whale accumulation, with Arthur Hayes recently purchasing 3.1 million ENA ($2.48 million), indicating strong confidence from large investors despite recent price declines.
2. The Ethena ecosystem demonstrates robust fundamental growth, with USDe becoming the third- largest stablecoin and major Q4 developments like a Nasdaq listing and Converge Chain projected to boost demand.
3. Immediate risks include substantial institutional selling pressure, a confirmed short-term bearish trend by EMA indicators, and broader market volatility from recent unfavorable macroeconomic data.
. Whale Accumulation: Arthur Hayes and other whales have recently accumulated ENA, with Arthur Hayes buying an additional 3.1 million ENA ($2.48 million). This significant whale activity suggests strong confidence from large players and could drive future price appreciation. 2 posts
. Fundamental Growth: Ethena's USDe is now the third- largest stablecoin, nearing an $11 billion market cap with projections for $20 billion. Upcoming Nasdaq listing for #stablecoinx and the Q4 launch of Converge Chain
signal robust ecosystem expansion. 1 post
. Technical Reversal: The MACD indicator shows a bullish crossover (MACD line at -0.01011 above signal line
Advantage
Institutional Selling: Several institutional investors, including Strobe Ventures and Amber Group, have transferred over 40 million ENA ($29.8 million) to exchanges. This substantial institutional selling indicates ongoing distribution pressure on the token's price.
2. Short-Term Downtrend: ENA is experiencing a short- term downtrend, with its price down 2.94% in the last 24 hours. The EMA indicators (EMA7 at 0.72046 below EMA25 at 0.73137 and EMA99 at 0.75455) confirm this bearish trend, suggesting continued downward pressure.
3. Macroeconomic Impact: Recent unfavorable Producer Price Index (PPI) news led to over $450 million in market liquidations, predominantly from long positions. This volatile macroeconomic environment creates broader market uncertainty, potentially impacting ENA's $ENA
