Over the past four days, a staggering 140 million Ethena (ENA) tokens have been withdrawn from exchanges, raising concerns about potential price fluctuations. Despite this significant movement, the token has experienced a continued decline in price. Traders grappling with losses as one prominent trader faced a significant $1.85 million loss on their long ENA position, prompting them to take action like adding USDC to avoid liquidation. 140 million ENA tokens were withdrawn in just four days! Analyst Ali Martinez highlighted this large-scale withdrawal using his Twitter post, further fueling market speculation. While some traders see the drop as a sign of reduced sell pressure, others argue that it may indicate weak demand or off-exchange trading activity. The price currently sits at around $0.65, a decline from its recent peak above $0.80 and down over 10% over the past week. Technical indicators suggest potential support near key levels including the 200-day EMA and Fibonacci retracement zone. A successful bounce off these levels might indicate that buyers are entering the market while if the price continues to fall, we may see further downtrend towards the next Fibonacci level at $0.53. Ethena Labs has also reported on its USDe protocol performance, showcasing increased adoption of stablecoins and a record high supply of over $11.7 billion. Altcoinpedia suggests a potential downside toward $0.50 if the price holds there, but a bounce toward $1.10 may follow. This upcoming week will be crucial to observe if these fluctuations become a trend or simply temporary market noise.