Ethena Whale Unstakes Millions: What Does This Mean for ENA Price?

As the crypto market stands at a pivotal point for a bullish comeback, Ethena is struggling for a bullish takeoff. Similar to Ethena, Ethena has been missing a price drop since the start of 2025.

However, the recent bullish stand in Ethena at a crucial psychological spot might result in a breakout rally. However, smart traders are watching out for this massive incoming supply wave.

So, should you consider taking a long position on Ethena? Let’s find out.

Ethena Price Analysis: Can ENA Reclaim the $0.50 Mark?

In the 4-hour price chart, Ethena has revealed a dominant bearish trend. Since the start of February, the Ethena price has taken a bearish reversal from the $0.83 mark with an evening sharp pattern. This resulted in a massive drop of 42% to $0.47.

Currently, the ENA price trend maintains a lateral trend, sustaining dominance at $0.47. The overhead ceiling of the consolidation range is the short-term supply zone at $0.54.

Amid the consolidation range, the ENA price hints at a potential double-bottom reversal, suggesting a high probability of a reversal rally. The RSI divergence indicator reveals a bullish divergence.

Furthermore, the stochastic RSI indicator reveals a positive crossover with a spike in their K and D lines from the oversold region. Hence, the momentum indicators are expecting a reversal rally in ETH.

ENA Price Targets

Currently, ETH trades at a market price of $0.4945 and struggles to reclaim the psychological mark of $0.50. However, with the rising technical indicator signaling a bullish reversal, the breakout of the 23.60% Fibonacci level at $0.55 will be a game-changer.

As it will mark the end of the pullback phase, the bullish potential will surge to nearly 70%, making the 78.60% Fibonacci level at $0.83 a potential price target.

Ethena Whale Activity: Massive Unstaking Poses a Threat

Despite the increasing chances of a bullish reversal, a major unstaking move from Ethereena whale is threatening a potential extension of the correction phase. As per the recent SpotOnChain tweet, the whale 0x8F9, one of the largest ENA stakers, has unstaked all of his ENA tokens.

These account for 17.875 million ENA tokens worth $8.78 million. The entity has deposited the entire unstaked ENA tokens over Binance.

If the whale decides to sell ENA over Binance at the current market price, it will face a significant loss of $12.09 million. This will register a loss of 58% after 10 months.

The whale had accumulated the ENA tokens at an average price of $1.167.