The native Ethena token ($ENA) is facing bearish signals, as technical analysis shows a potential trend reversal. The TD Sequential indicator has issued sell signals at recent peaks of the price, indicating a possible double-top pattern and subsequent downward movement. Analysts predict a price drop to around $0.52 if this bearish trend persists, representing a significant decline from its current level of approximately $0.77. This potential retracement may result in increased downside risk for traders monitoring Ethena’s short-term price movements.
Arthur Hayes has taken advantage of the market volatility by accumulating more Ethena tokens. Recently, he added 578,956 tokens to his holdings, which are currently worth about $473,000, bringing his total investment in the token to nearly $1 million. Notably, this follows Hayes’ typical strategy of acquiring significant amounts of tokens from platforms like Binance, Galaxy Digital and Wintermute. This move reflects Ethena’s ongoing efforts to launch USDH stablecoin, along with a broader market uncertainty surrounding the token’s future.