ENA Price Struggles Within Bearish Channel as Sellers Dominate the Market
Ethena (ENA) is currently experiencing a significant bearish trend, with sellers firmly in control as the overall crypto market faces a downturn. Recent findings indicate that major crypto holders—often referred to as whales—are discreetly increasing their ENA holdings
ENA
, but the token’s value continues to be confined within a downward channel, fueling worries about additional losses. As highlighted in a
BeInCrypto report
,
Ethena
whales with between 100 million and 1 billion ENA tokens acquired an extra 0.11 billion tokens—worth $46.2 million—within 24 hours after the Federal Reserve announced a 25-basis-point rate reduction. Despite this accumulation, the price has not managed a lasting recovery and continues to move within a broadening wedge pattern that is trending downward. If ENA can break above $0.49, it may indicate a shift to bullish momentum; however, falling below the crucial $0.41 support could open the door to a 21% drop toward $0.34, according to BeInCrypto.
Wider market forces are intensifying the bearish sentiment.
Sui
(SUI), another prominent cryptocurrency, has dropped to $2.27, approaching its support zone between $2.15 and $2.20 as concerns about token unlocks put pressure on the market, according to a
CoinDesk report
. This selling pressure highlights a cautious market mood, where the threat of increased supply and profit-taking is slowing momentum. At the same time, WTI crude oil is holding steady near $60, with traders watching for a possible move above $60.40 that could test the October high of $62.38, as reported by
FXStreet report
. Despite ongoing volatility in energy markets, the absence of a strong rally in WTI signals continued uncertainty, which may also impact the crypto sector.
Experts caution that ENA’s technical prospects depend heavily on the strength of its $0.41 support. Should this level fail, the recent optimism from whale accumulation could be erased, aligning ENA with the prevailing bearish direction seen in SUI and other digital assets. Although there has been a slight improvement in both the RSI and price, persistent weakness below $0.45 could trigger renewed selling. With both macroeconomic pressures and token-specific risks at play, ENA remains at risk of further losses unless buyers step up to protect key support levels.
