Candle $ENA today plunged headfirst with a slightly sweet taste, guys š. The price has already come down into the MA99 zone on the 1H chartājust like a āflash saleā waiting for bargain hunters like us.
Looking at the macro picture on the 1D timeframe, itās clear that $ENA has just gone through a strong bullish run. Even the weekly RSI is sitting at an extremely overbought level of 85.6, signaling that a pullback is likelyāand here it is: itās correcting for real. Hot off the news, Ethena announced a $1 billion credit facility with FalconX, and the support from Arthur Hayes back in mid-August pushed the price up very fast, drawing in institutional capital. However, sell pressure over the past 24 hours is quite evident: trading volume reached $77,317,128 USDT and Open Interest fell by -12.9%. Even so, the positive funding rate (+0.0050%/8h) and 57.8% of accounts still being Long suggest that market sentiment remains tilted toward the buyers in the long run.
Personally, Iām only slightly leaning Long in the price range 0.147 - 0.152. Current price is $0.1595, so we need a bit of patience and wait for price action to react in that zone.
Looking at the macro picture on the 1D timeframe, itās clear that $ENA has just gone through a strong bullish run. Even the weekly RSI is sitting at an extremely overbought level of 85.6, signaling that a pullback is likelyāand here it is: itās correcting for real. Hot off the news, Ethena announced a $1 billion credit facility with FalconX, and the support from Arthur Hayes back in mid-August pushed the price up very fast, drawing in institutional capital. However, sell pressure over the past 24 hours is quite evident: trading volume reached $77,317,128 USDT and Open Interest fell by -12.9%. Even so, the positive funding rate (+0.0050%/8h) and 57.8% of accounts still being Long suggest that market sentiment remains tilted toward the buyers in the long run.
Personally, Iām only slightly leaning Long in the price range 0.147 - 0.152. Current price is $0.1595, so we need a bit of patience and wait for price action to react in that zone.
