The post Ethena price reverses as whales dump, exchange balances rise appeared on BitcoinEthereumNews.com.

Ethena price retreated for three consecutive days as exchange balances continued rising and as whales sold their tokens. Ethena (ENA) token dropped to $0.95, moving below the psychologically important level of $1 for the first time since Dec. 20. The ongoing crash is caused by the risk-off sentiment in the crypto industry, which has caused Bitcoin (BTC) and other prices to be lower.  It also happened as on-chain data showed that whales were selling their tokens. The biggest transaction occurred when a whale sent 11.6 million ENA tokens worth $11 million to Binance, the biggest crypto exchange. In another transaction, one trader moved ENA tokens valued at $10.7 million to the Binance. Ethena whales dumped tokens worth $30 million on Thursday, Dec. 26. These sales happened a week after Arthur Hayes, Bitmex founder and earlier investor, sold some of his ENA tokens. According to Nansen, Hayes now owns 18,616 coins valued at $17,458.  Ethena price also fell as tokens on exchanges continued rising, a popular bearish view. These tokens increased by 5.82% in the last seven days to over 730.27 million. Total supply on exchanges moved to 4.87%, up by 0.27% a week ago.  Ethena exchange balances | Source: Nansen Meanwhile, inflows into Ethena’s USDe stablecoin have stalled. The coin has a market cap of $6 billion, where it has been in the past few days, a sign of sluggish demand.  Ethena USDe stablecoin | Source: DeFi Llama Ethena price analysis ENA price chart | Source: crypto.news Technicals suggest that Ethena may have more downward to go as it has formed a head and shoulders pattern on the four-hour chart. This pattern comprises a neckline, which is at $0.8552, two shoulders, and a head. In most periods, the pattern leads to a strong downward momentum when it moves below the neckline.…

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Filed under: News - @ December 26, 2024 4:23 pm