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Following
ENA Wallets associated with Ethaena transferred 170 million ENAs to FalconX, or to prepare for over-the-counter transactions
A wallet associated with Ethaena transferred 170 million ENAs (worth approximately $14.09 million) to FalconX an hour earlier. Onchain tracker Onchain Lens said the transfer was likely to be in preparation for over-the-counter (OTC) transactions. The move comes as analyst Ali focuses on ENA's $0.081 support level, after the token has rebounded from the rising channel trend line several times.
US$14 million ENA transferred to FalconX
According to Onchain Lens, the wallet is likely to be associated with the Ethena team. It originally received ENA from Ethena's Gnosis Safe wallet last year. The online tracking account showed that the wallet deposited 170 million ENAs into FalconX. Onchain Lens estimated the transfer to be worth approximately $14.09 million. When the transfer occurred, ENA was trading at approximately $0.084, below its 50-day moving average around $0.086.
Source: Sanitation
However, ENA currently hovers around the 200-day moving average of around US$0.084. After the latest round of pullbacks, the token is close to critical technical levels.
Ali focuses on US$0.081 support
Analyst Ali identified US$0.081 as the key support level in the current market. Since June, ENA has rebounded every time it tests the uptrend line in the rising channel. These four rallies brought gains of 16.5%, 28.8%, 8.5% and 24.8% respectively.
Ali said that if ENA can hold on to $0.081 again, the mid-line area near $0.092 will become the focus of attention. He also pointed out that about $0.104 on the upper edge of the channel is another price point to watch. Current prices are still below the rebound zone of $0.086 to $0.089.
This resistance range is close to the 50-day moving average. If prices break through this region,$0.095 and $0.099 will become the next chart targets.
ENA is close to the main moving average
ENA previously hit a high of US$0.137 to US$0.138 in early May, and then entered a sharp decline. The decline accelerated in June, with prices briefly falling to around $0.074 to $0.075. Then at the end of July and early August, the token rebounded to around $0.094 to $0.095. However, the rally failed to reach sustained highs.
Based on the above analysis, the next upside targets are US$0.099 and US$0.109. On the downside, if it falls below US$0.080, ENA may test its June low again. The current number of daily active addresses is approximately 372. The chart also shows an abnormally high peak in activity during June.
