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Title: Will Ethena Price Hit $1.5? Whale Activity and Futures Boom Signal Potential
The crypto market has been experiencing a wave of selling pressure, with Bitcoin’s price dropping below $100k in response to Powell’s hawkish speech. However, amidst the chaos, Ethena’s price appears to be showing signs of potential recovery amid whale buying and reversal setup.
Currently, ENA trades at $0.94, down 12.4% intraday. Despite this correction, the asset’s market capitalization stands at $2.77 Billion, while its 24-hour trading volume has reached a substantial $1.22 Billion on Coingecko.
Several key indicators suggest that Ethena’s price may be poised for a rapid recovery. A rounding bottom pattern is forming, indicating a potential transition from a downward trend to accumulation and then recovery. This development could lead to buyers finding suitable support at either the $0.88 or $0.76 levels.
Moreover, whale activity has increased significantly in recent days. One such whale created a new wallet and withdrew 8 million ENA, worth $9.2 million from Binance within a span of 48 hours. This massive withdrawal has been facilitated by Lookonchain data, indicating heightened interest in the token.
Furthermore, the futures open interest for Ethena has skyrocketed by a staggering 317% over the past two months, from a mere $157 million to a whopping $650 million. This exponential increase reflects growing market participation and speculative activity, suggesting that traders are positioning themselves for substantial price movement.
The ongoing correction in ENA’s price, which has seen it plummet 28% from $1.33 to its current value of $0.94, may prove beneficial for buyers looking to revive the bullish momentum observed in November and early December.
In light of these developments, Ethena’s future looks promising. If this trajectory continues, the ENA price could potentially surge by as much as 58% from its current level before breaking above the rounding bottom pattern’s neckline at $1.53.
In summary, while the crypto market is experiencing turmoil, Ethena’s unique chart setup and whale activity create a compelling case for its price to make a significant upward move.
Source: www.cryptonewsz.com
