ENA: WHICH GROUP IS SELLING AT A LOSS JUST BELOW 0.24
ENA’s Realized Price is 0.2383, while the October 19 closing price was 0.1893, 20.6% lower. Add the 0.20–0.22 wall from Part 1, and the 0.20–0.24 range is now a double ceiling.
Realized Price
The price rose above it on September 25, then fell back below on October 1. It crossed above again on October 5, only to fall back below the very next day. Two failed attempts at the same level make it a level worth taking seriously.
Who’s selling
NRPL on October 19 was -$6.3 million. The Realized P/L ratio was just 0.017, meaning realized profits were less than 2% of realized losses. In the last 14 days, October 11 was the only day with net realized profits.
Two standout bars were October 13 at -$12.2 million and October 14 at -$15 million, 7 to 9 times higher than on a typical day. The price was 0.196–0.209 then, within or just below the wall from Part 1.
Why were losses from selling concentrated on those two days? My guess is that buyers from late September saw the price fail to hold 0.24 twice and cut their losses. Glassnode doesn’t show who sold; this is an inference based on the price levels lining up.
Supply in Profit
44% of the supply is still in profit, down from a peak of 66% on September 25. From January to June, this figure was close to 0%, so 44% is not a point of despair—it’s just cooling off.
In summary
The area I like is 0.16–0.18, where 617 million ENA are held. The area I’m wary of is 0.20–0.24, where the breakeven wall overlaps the Realized Price.
I’ll change my mind if the daily close is above 0.24 and the NRPL shows fewer loss-selling bars. A daily close below 0.16 would mean the support zone is lost, and I’d be wrong.
Part 1 is here: https://app.binance.com/uni-qr/cpos/379600200992257?r=DGD8MWZ1&l=vi
Show your support with a like or follow.
#ENA #Ethena $ENA
ENA’s Realized Price is 0.2383, while the October 19 closing price was 0.1893, 20.6% lower. Add the 0.20–0.22 wall from Part 1, and the 0.20–0.24 range is now a double ceiling.
Realized Price
The price rose above it on September 25, then fell back below on October 1. It crossed above again on October 5, only to fall back below the very next day. Two failed attempts at the same level make it a level worth taking seriously.
Who’s selling
NRPL on October 19 was -$6.3 million. The Realized P/L ratio was just 0.017, meaning realized profits were less than 2% of realized losses. In the last 14 days, October 11 was the only day with net realized profits.
Two standout bars were October 13 at -$12.2 million and October 14 at -$15 million, 7 to 9 times higher than on a typical day. The price was 0.196–0.209 then, within or just below the wall from Part 1.
Why were losses from selling concentrated on those two days? My guess is that buyers from late September saw the price fail to hold 0.24 twice and cut their losses. Glassnode doesn’t show who sold; this is an inference based on the price levels lining up.
Supply in Profit
44% of the supply is still in profit, down from a peak of 66% on September 25. From January to June, this figure was close to 0%, so 44% is not a point of despair—it’s just cooling off.
In summary
The area I like is 0.16–0.18, where 617 million ENA are held. The area I’m wary of is 0.20–0.24, where the breakeven wall overlaps the Realized Price.
I’ll change my mind if the daily close is above 0.24 and the NRPL shows fewer loss-selling bars. A daily close below 0.16 would mean the support zone is lost, and I’d be wrong.
Part 1 is here: https://app.binance.com/uni-qr/cpos/379600200992257?r=DGD8MWZ1&l=vi
Show your support with a like or follow.
#ENA #Ethena $ENA