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Cryptocurrency News Articles
Ethena (ENA) Rallies 36% as Ethereal Exchange Proposes DEX Integration
Oct 01, 2024 at 02:00 am
Ethena [ENA] launched six months ago at an ICO price of $0.57, shot to $1.46 in the first week. Since then, it has faced a bearish trend.
Ethena [ENA] price analysis for September 2023 reveals a tale of ups and downs, influenced by large holders and a squeeze in shorts.
After launching six months ago at an ICO price of $0.57, ENA shot to $1.46 in the first week. However, it faced a bearish trend since then.
But mid-September saw ENA break past its previous rejection level, reaching $0.413. This marked a solid 36% gain in just one week.
According to AMBCrypto, ENA’s next milestone is to retest the $0.46 resistance, contingent upon sustaining the upward trend.
Meanwhile, Ethena is proposing new developments to integrate Ethereal Exchange’s DEX into its hedging engine.
This proposal has sparked excitement in the market, evident by the 10% rise in ENA over the last 24 hours.
If approved, ENA holders would receive 15% of any potential Ethereal governance token.
In essence, this would allow the Ethereal DEX to manage on-chain spot and derivative positions backing USDe, Ethena’s native stablecoin, which is also expected to play a role in future developments.
Interestingly, a significant cluster of holders in net loss positions accounts for 85% of the total ENA allocations.
Per AMBCrypto, this concentration suggests that the majority of investors are holding at a loss, potentially awaiting a reversal or key developments to regain value.
Thus, while Ethena’s upcoming roadmap could boost liquidity in the network, it might fall short of sparking a sustained bullish rally. Unless…
Large holders support these propositionsSince Bitcoin’s bearish downturn in late August, Ethena has experienced a similar pullback, largely driven by large holders selling off.
Notably, whales – who make up 85% of this group and hold approximately 13.45 billion ENA – have been consistently selling portions of their holdings.
However, in the past week, net outflows from these holders have been increasing daily, reaching approximately 12 million just two days ago.
This suggests that these whales directly influenced the recent 36% surge in ENA, beginning their accumulation as Ethena reached its market bottom.
While this is a bullish sign, a retracement could occur if these whales start selling off again.
The recent announcement of Ethena’s integration with Ethereal Exchange has also played a part in boosting liquidity.
With large holders making up 96% of the liquidity on Ethena, their activity will be key in determining the future direction of the token.
As Ethena’s price movements are closely tied to the actions of large holders and the broader market, investors should proceed with caution and monitor these factors closely.
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- Ethereum [ETH] ETFs See Largest Inflow in Over a Month, But Still Lag Behind Bitcoin [BTC]
- Oct 01, 2024 at 08:15 am
- The Ethereum [ETH] ETFs have experienced their largest inflow in over a month, according to recent data. Despite this, ETH ETF inflows still significantly lag behind those of Bitcoin[BTC], reflecting a stronger preference for Bitcoin ETFs.