According to data from crypto.news, Ethena (ENA) has fallen 20% in the past week and is down nearly 100% from its September peak. As of Friday afternoon in Asia, the token was trading at $0.31, with its market capitalization shrinking from $3.7 billion to $2.3 billion.
Ethena briefly rebounded on Nov. 6 after Robinhood announced the token’s listing, but the bounce was short-lived. The price quickly resumed its decline following a 171.88 million ENA unlock—worth about $54.9 million—just a day earlier. That event came on the heels of another $15.7 million unlock on Nov. 2, adding to selling pressure.
Such token unlocks increase circulating supply, reduce scarcity, and often weigh on prices—especially when overall market activity remains subdued.
Following the latest unlock, there are 7.42 billion ENA tokens in circulation, with roughly 70% still held by early investors and team members, raising concerns over potential profit-taking.
Meanwhile, Nansen data shows that whales have accelerated their selling. The total holdings of large addresses dropped from 65.24 million tokens on Oct. 31 to 43.06 million at press time. Whale sell-offs often spark panic among retail traders, amplifying downward momentum and adding further pressure to the asset.
Ethena Price Analysis
Since September 9, Ethena has remained largely in a downtrend, trading within what appears to be a descending parallel channel. In technical terms, this pattern forms when the price moves between two downward-sloping trendlines, indicating sustained bearish momentum and consistent selling pressure.
As long as the price continues to follow this pattern, further downside movement remains likely.
The Supertrend indicator has also turned red, positioning itself above the price line — a classic signal of strengthening bearish sentiment in the market.
More critically, the 50-day SMA appears poised to cross below the 200-day SMA, forming a “death cross” — a historically bearish signal that often precedes deeper market declines.
That said, the RSI, currently hovering near 32, is approaching oversold territory, suggesting the potential for a short-term rebound before the broader downtrend continues.
At present, Ethena remains vulnerable to further losses toward $0.197, roughly 36% below current levels, a zone last tested in September 2024.
Conversely, a sustained recovery above the 200-day SMA at $0.47 — which also coincides with the 38.2% Fibonacci retracement level — could invalidate the bearish structure and signal the start of a bullish reversal.
