• Whale deposits prompt volatility, pushing ENA below key support levels.
• Stable active addresses and MVRV suggest underlying market resilience.

The recent deposit of 7.85 million Ethena [ENA] tokens by Arthur Hayes, co-founder of BitMEX, into Binance and Bybit, valued at $6.46 million, has sent ripples through the market.

Currently trading at $0.803 and down by 9.84%, Ethena’s market dynamics could be significantly impacted. These large-scale deposits often signal impending sales or strategic repositioning, which could either disrupt market equilibrium or present new opportunities.

ENA technical signals predict uncertain future

ENA’s price has recently plummeted below critical support levels, indicating a bearish trend. The Parabolic SAR is above the price candles, reinforcing this downtrend.

Additionally, the Fibonacci retracement analysis suggests potential resistance around the $0.948 mark, likely hindering immediate recovery efforts.

Therefore, investors should tread cautiously, as the technical outlook remains precarious.

Active addresses reflect stable engagement

Despite the downturn in price, ENA’s blockchain maintains a steady amount of daily active addresses, totaling 1,351. This consistency indicates a robust user base, which is crucial for sustaining network activity and overall market stability. 

Moreover, this level of engagement may buffer the negative price impacts, providing a silver lining in the current market conditions.