• Etena (ENA) has dropped a whopping 9.20% previously 24 hours and is buying and selling at $1.7.
• The whale created a brand new pockets and bought 5.29 million ENA tokens.
• Whales purchased the tokens at a median worth of $1.12 and at the moment are at a loss.

Etena, the artificial greenback protocol on Ethereum, noticed its token ENA drop 9.20% previously 24 hours as a result of decline within the crypto market. Bitcoin (BTC) is struggling to interrupt above $104,000. Nevertheless, whales are reported to build up giant quantities of ENA.

Spot On Chain, a blockchain analytics platform, reported on X that Etena Whale created a brand new pockets and bought 5.29 million tokens at a median worth of $1.12, bringing the whole buy value to $5.92 million did. The pockets has already suffered a loss on its ENA holdings, that are at present valued at $5.655 million based mostly on the altcoin worth ($1.07).

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The tokens have been then withdrawn from Binance, the world's largest digital asset buying and selling platform. Because of this whales are bullish on the short-term worth motion of ENA token regardless of the numerous worth drop previously 24 hours. In line with knowledge from CoinMarketCap, the cryptocurrency has surged 16.45% previously week and 87.77% previously 30 days.

ENA worth evaluation

The every day chart reveals that the Relative Energy Index (RSI) for ENA is 59.20. This reveals that the bulls are answerable for the value motion, however the route of the RSI line suggests {that a} retest of $1 is probably going.

The MACD indicator is displaying a bearish divergence. The sign line crossed above the MACD line and the MACD histogram turned crimson. Mixed with the RSI worth, ENA's short-term outlook seems to be bearish. Traders ought to proceed with warning.